Pier 1 Imports, Inc., filed a motion in the US Bankruptcy Court for approval of auction procedures to select a liquidation agent on February 17, 2020. The debtor seeks the Court’s approval on an agency agreement to conduct store-closing sales for 398 stores closing with Gordon Brothers Retail Partners, LLC. Pursuant to the agency agreement, the entity selected as the highest and best bidder at the auction and approved by the Court would purchase the Inventory for a guaranteed percentage of its net retail value and use its best efforts to sell the furniture, fixtures, and equipment for a commission. The Debtors estimate that the proceeds from all the Sales will be approximately $177 million. The Debtors estimate that the currently contemplated Store Closings will continue until no later than March 31, 2020.