Pier 1 Imports, Inc. – Court Approves Continuation of 450 Store Closing Process (Estimated Proceeds of $177mn); Bidding Procedures Order Indicates that Term Loan Lenders are Targeting Cash Recovery of $105mn in Sale

February 18, 2020 – The Court hearing the Pier 1 Imports case issued an interim order authorizing the Debtors to enter into a consulting agreement with Gordon Brothers Retail Partners, LLC (“Gordon Brothers” or the “Consultant”) in respect of the closing of up to 450 stores (398 store closings already underway with estimated proceeds of…