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Pier 1 to close all its stores, three months after filing for bankruptcy

Pier1 to possibly close all its stores, three months after filing for bankruptcy
Posted at 10:31 AM, May 19, 2020
and last updated 2020-05-19 19:52:10-04

Home goods retailer Pier 1 might be closing all their stores soon, just three months after filing for bankruptcy.

In a statement posted on their website , Pier 1 said they seeking approval from bankruptcy court to wind-down operations as soon as store locations reopen following the closures brought on by the coronavirus pandemic.

“We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades," said Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer in the press release. "We deeply value our associates, customers, business partners and the communities in which we operate, and this is not the outcome we expected or hoped to achieve. This decision follows months of working to identify a buyer who would continue to operate our business going forward. 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.”

Pier 1 intends to initiate store closing efforts and liquidation sales once stores reopen, officials stated in the press release.

Pier 1 stores have been temporarily closed since March 22.

The home good store was first founded in 1962, and has 541 stores nationwide.