Pier 1 plans to permanently close all its stores

Business

CHICAGO, ILLINOIS – FEBRUARY 18: A sign hangs above a Pier 1 imports store that is slated to close on February 18, 2020 in Chicago, Illinois. The struggling retailer announced today that it had filed for bankruptcy and was closing 450 stores. (Photo by Scott Olson/Getty Images)

(NEXSTAR/AP) – Pier 1 Imports, Inc. announced on Tuesday it has filed a motion to close all of its stores nationwide nearly three months after filing for bankruptcy.

The home furnishings company is seeking court approval to liquidate its remaining stores after failing to identify a buyer to keep the business going.

Last year, Pier 1 had 1,000 stores across the country. As part of its bankruptcy declaration earlier this year, the company closed over 400 stores. Today’s announcement will impact the remaining 540 stores.

“This is not the outcome we expected or hoped to achieve,” said Robert Riesbeck, the company’s CEO. “Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of COVID-19, hindering our ability to secure such a buyer and requiring us to wind down.”

Pier 1 plans to sell its remaining inventory and assets, including its intellectual property and e-commerce business, through a court-supervised auction, the release said.

It will start going-out-of-business sales as soon as it can reopen stores that have been temporarily shut due to the coronavirus pandemic.

Pier 1 has struggled to compete with online retailers like Wayfair and Amazon, which sell sofas and coffee tables at a lower price and are delivered to doorsteps quickly.

The chain has locations in Spartanburg, Greenville, Greenwood, and Asheville.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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