Important Retailer Updates: Sears, Shopko, and Pier 1 Imports
March 18, 2019 | The Toy Association is updating members on new information related to Sears Holding Corp., Shopko Stores Operating Company LLC, and Pier 1 Imports Inc.
The New York court with jurisdiction over the Sears bankruptcy proceedings recently set April 10, 2019 at 5 p.m. as the deadline to submit proof of claims for prepetition claims including secured claims, priority claims, and claims arising under section 503(b)(9) of the bankruptcy code. View the complete filing here. Proof of claims can be filed by hard copy or electronically by following the instructions online. Sears bankruptcy documents and a calendar of upcoming deadlines are available on Prime Clerk’s website.
After filing for bankruptcy in January and last month’s announcement to close approximately 250 stores, Shopko announced that it will proceed with a liquidation. Shopko cancelled the planned auction of its assets scheduled for Tuesday, March 19. The company was unable to find a buyer for a reorganized and smaller operation of approximately 125 stores. View Shopko’s bankruptcy documents on Prime Clerk’s website.
Pier 1 Imports
Pier 1 Imports has hired Kirkland & Ellis as debt restructuring advisors and is meeting with investment bankers to explore strategic alternatives, according to news reports on Friday. Pier 1 is still undergoing a search for a permanent CEO. It has approximately $200 million in outstanding debt maturing in 2021 and $400 million available under a revolving credit line.
The Toy Association will continue to monitor developments in these matters and will share relevant news with members as quickly as possible. Questions may be directed to Paul Vitale, executive vice president of finance and operations at The Toy Association.