After filing for Chapter 11 bankruptcy earlier this year, Pier 1 Imports has now revealed plans to shutter all their stores permanently.
The home furnishings chain has asked for court approval to initiate an “orderly wind-down” of their remaining 540 retail stores once they are able to reopen following government-mandated closures amid the coronavirus pandemic.
"This decision follows months of working to identify a buyer who would continue to operate our business going forward," Pier 1's CEO and Chief Financial Officer Robert Riesbeck said in a statement.
"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."
According to the New York Post, the company is in talks with several buyers to sell off it’s ecommerce business and intellectual property during a court-supervised auction in July.
Pier 1 plans to begin liquidating their brick and mortar outlets as soon as this weekend.
"The Company expects to continue serving customers in its stores through early fall 2020. Store closing dates will vary by location," read a notice on its website.
Pier 1 is currently accepting online orders and is offering 40% off all outdoor furniture and wall art.
Founded in 1962, the chain had 936 stores at the beginning of this year.
After filing for bankruptcy in February, they announced they would be closing approximately 450 stores in the United States, as well as all locations in Canada.
The news of Pier 1’s liquidation comes as other major retailers such as J.C. Penney, Neiman Marcus and J.Crew have also had to file for Chapter 11 bankruptcy protection due to the downturn in the economy in the aftermath of the spread of COVID-19.
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