Pier 1 Imports To Permanently Close All Stores As They Enter Bankruptcy
Pier 1 Imports, which previously said it would close half of its fleet of stores, now plans to close all of its locations. The retailer announced in a news release Tuesday that it was seeking bankruptcy court approval to begin an “orderly wind-down” when stores are able to reopen “following the government-mandated closures during the COVID-19 pandemic.”
Back in January, Pier 1 said it planned to close up to 450 stores, or nearly half of its locations. It then filed for Chapter 11 bankruptcy protection in February. Robert Riesbeck, Pier 1’s CEO and chief financial officer, said the company had been working to find a buyer to continue operating before the coronavirus. “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,” Riesbeck said.
Pier 1 says it has approximately 541 U.S. stores and in the court filing says it plans to reopen some stores on or around May 22.
