Pier 1 Imports Announces Closing, Holding Liquidation Sales Pending Court Approval
After 58 years, Pier 1 Imports announced they're closing all their stores for good, according to a press release.
In January, the company announced they would be closing half of their stores (around 450 stores), and in February they filed for Chapter 11 bankruptcy protection.
On Tuesday, the company said they were closing due to not finding a buyer to revitalize the business. They said that process was very much complicated due to COVID-19.
Robert Riesbeck, the CEO and CFO of Pier 1, said, "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 Imports said it expects to operate stores through the start of fall of 2020. The store closures will vary by location.
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