The home decor staple is closing all brick-and-mortar locations
On Tuesday, Pier 1 Imports announced in a press release that the company had filed a motion with a bankruptcy court and is seeking to shut down all of its stores “as soon as reasonably possible.”
The home décor company previously filed for bankruptcy in February, but now it intends to sell all its remaining assets. “We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades,” Robert Riesbeck, Pier 1’s CEO and CFO, said in the statement.
The company’s request to shut down stores comes after months of being unable to “identify a buyer” who would continue operating the business going forward. The impact of COVID-19 further obstructed Pier 1’s efforts in securing a buyer, forcing the company to “wind down.”
Pier 1 Imports — one of America's most prominent home-decor chains — is closing down. The company was already looking to halve its store count, but the coronavirus pandemic compounded their financial problems, leaving them without a buyer. https://t.co/p2k8QL9oWM
— NPR (@NPR) May 19, 2020
The company will begin the shutdown process as soon as stores around the county are able to reopen under coronavirus-related guidelines. Customers will still be able to access Pier1.com, and orders will continue to be processed and filled.
Earlier in the year, Pier 1 announced its plan to close 450 of its 942 stores, and due to the reduction of storefront locations, the number of distribution centers decreased.
“This is not the outcome we expected or hoped to achieve,” Riesbeck said, but he thanked his associates, customers, business partners, and the communities in which Pier 1 operated.
By: Maytinee Kramer