The home goods retailer Pier 1 Imports just announced they're closing all of its 540 stores. The company is seeking bankruptcy court approval since they were unable to find a buyer due to the coronavirus pandemic. Pier 1 had filed for bankruptcy protection back in February before the pandemic and were planning on shutting down about half of its locations. In the meantime, they were looking for a buyer for the remaining stores. Since they were unable to find a buy it looks like it's officially the end.
Pier 1 Imports said in a press release that they plan on selling its inventory and all of their remaining assets like their intellectual property and online operations. They plan on doing a going out of business sale “as soon as reasonably possible" once stores are able to reopen.
Chief Financial Officer Robert Riesbeck said in a statement,
“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.”
How do you feel about this? Are you sad about Pier 1 Imports closing?
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