Pier 1 Imports to Become a Web-Only Business


Pier 1 Imports announced that it plans to close all stores permanently, but customers can still buy their products.

The New York Post reported that the company will become a web-only business.

When going-out-of-business sales at stores finish in October, the company will be an e-commerce business.

After filing for Chapter 11 bankruptcy earlier this year, Pier 1 Imports revealed plans to shutter all of 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."

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.

Pier 1 Import’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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