Pier 1 announces closing date, will liquidate stores amid bankruptcy proceedings
Pier 1 Imports will liquidate its remaining stores and permanently shut down business operations later this year after receiving permission from a U.S. bankruptcy court, the embattled retailer announced Friday.
The company said it would begin store closures and liquidations sales as soon as possible under local guidance related to the coronavirus pandemic. Pier 1 expects to conclude liquidation proceedings and shut down for good by the end of October.
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“This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1,” said Pier 1 CEO Robert Riesbeck. “We are incredibly grateful to everyone who has supported Pier 1 since the Company’s inception nearly 60 years ago, including our committed associates, passionate customers and talented vendors.”
Pier 1 will attempt to sell its intellectual property and e-commerce arm in the coming months. An asset auction is set for June 8.
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Pier 1’s future was in doubt even before the coronavirus pandemic forced most retailers to shut down for several weeks. The home furnishings retailer filed for bankruptcy in February, weeks after it announced plans to shutter 450 stores and conduct layoffs to cut down on expenses.
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The company’s sales had plunged in recent years amid stiff competition from big-box rivals such as Walmart and Target.
Pier 1’s website and online sales operations will remain active during liquidation proceedings.
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