Pier 1 wants to permanently close all its stores after not finding buyer

Business

CHICAGO – JUNE 12: Pedestrians pass a Pier 1 Imports store June 17, 2003 in Chicago, Illinois. The home furnishings chain posted lower quarterly profits as poor spring weather and a weak U.S. economy keep shoppers at home. (Photo by Scott Olson/Getty Images)

TAMPA, Fla. (WFLA) – Another one bites the dust.

Pier 1 intends to shutter all of its 540 stores nationwide, becoming the latest major retailer to crumble during the COVID-19 pandemic.

In a press release Tuesday, the home furnishings company said it is seeking court approval to liquidate its remaining stores after failing to identify a buyer to keep the business going.

“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.”

The company, which has closed hundreds of stores in recent years, filed for bankruptcy in February. Before the pandemic, it said it was planning on closing 450 shops, roughly half of its locations, for good.

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.

The 58-year-old retailer, based in Fort Worth, Texas, has more 540 stores, down 1,000 from last year.

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