Pier 1 Imports will end all retail operations, the company announced Tuesday, partially blaming the “impact of COVID-19.”
The company filed for bankruptcy three months ago.
Pier 1 announced that it filed a motion in Bankruptcy Court asking to end its retail operations “as soon as reasonably possible.” Company leaders pointed to the temporary closures during the pandemic and the inability to find a buyer as a reason for the shutdown.
“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,” CEO and CFO Robert Riesbeck said in a release.
The company conducted an analysis in an attempt to find a way to keep operating but decided to liquidate, citing the “combination of a challenging retail environment and the new reality and uncertainty of a post-COVID world.”
The 58-year-old company plans to sell its remaining inventory, its website and its intellectual property. Orders made online will continue to be fulfilled.
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Pier 1 plans to end all retail operations, blaming "impact of COVID-19" https://t.co/mQq5rr49bQ pic.twitter.com/t4LSYLpcjh
— The Hill (@thehill) May 19, 2020
Used to have several Pier 1 locations around these parts, but one by one they all disappeared. I have a friend who loved Pier 1, but I wasn’t impressed. Still, I hate to see another retailer go by the wayside. Still it seems Pier 1 was in trouble long before COVID19. It’s just that the virus was the final blow from which the company could not recover.
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