The last one we heard from the host product chain Pier 1 Imports was in February when the retailer filed for Chapter 11 bankruptcy and announced that it would close 450 of its 942 stores. Pier 1 Imports today announced some heartbreaking news: after 58 years in business, the company has filed a petition with the bankruptcy court to begin an orderly liquidation of all of its retail operations.
Once store locations can reopen, in accordance with COVID-19 guidelines from local government and health authorities, Pier 1 plans to liquidate all of its remaining stores. (Currently, there are 540 Pier 1 Imports stores still open, as the company was still closing locations when the pandemic hit). As part of this court-supervised “liquidation”, the company plans to sell all of its remaining inventory and assets, including its intellectual property and e-commerce activities.
“This is not the result we expected or hoped to achieve,” said Robert Riesbeck, CEO and CFO of Pier 1. However, he continues “We are grateful to our dedicated and hardworking associates, millions of customers and Committed suppliers who have collectively supported Pier 1 for decades. We deeply appreciate our associates, customers, business partners and the communities in which we operate. “
After filing for Chapter 11 bankruptcy earlier this year, the company hoped to find a buyer to continue the brand. As Riesbeck notes: “Unfortunately, the difficult retail environment has been greatly compounded by the profound impact of COVID-19, hampering our ability to find such a buyer and forcing us to withdraw.”
Pier 1 started with a single store in 1962 in Forts-Worth, Texas. In almost six decades, the retailer has become one of the country’s main destinations for interior decoration and world-inspired accessories (it even won a famous cameo on Friends).
Currently, Pier1.com orders are still being processed and executed and the retailer will still hold its annual Memorial Day sale, where buyers can take advantage of up to 40% off across the site. You can buy Pier 1 Imports here.
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