KEY POINTS
- Pier 1 Imports is seeking bankruptcy court approval to wind down its business entirely.
- The struggling home goods retailer was not able to find a buyer due to the coronavirus pandemic.
- In recent weeks, several retailers have filed for bankruptcy.
Home goods retailer Pier 1 Imports said Tuesday it is seeking bankruptcy court approval to wind down its business entirely after it was not able to find a buyer due to the coronavirus pandemic.
It said in a press release that it plans to sell its inventory and remaining assets, including its intellectual property and online operations.
Pier 1 said it will commence the winding down of its business “as soon as reasonably possible,” once its stores are able to reopen to liquidate.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” CFO 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.”
Pier 1, based in Forth Worth, Texas, had filed for bankruptcy protection in February, prior to the coronavirus crisis slamming the U.S. economy and forcing thousands of stores to shut. At the time, the company was planning to shut roughly half of its locations, or about 450 shops, permanently. Meantime, it was looking for a buyer for the remaining business.
But the pandemic has taken a toll on many in retail. So far, high-end department store chain Neiman Marcus, apparel maker J.Crew, rural chain Stage Stores and mall icon J.C. Penney have filed for bankruptcy in recent weeks. Stage Stores has said it will liquidate all of its stores if it’s unable to find a buyer as well.
Online furniture companies such as Wayfair have also been eating into Pier 1′s sales.
Pier 1 said Tuesday that its debtor-in-possession lenders have agreed to allow the retailer to overdraw its DIP facility by roughly $40 million to support its efforts to liquidate.
Peg Ohlsen
Like holy other big retailers 1 by 1 they’re going down such a shame
This is sad… been going to this store since I was kid
Gina Meltzer Kirchoff
Leah Montgomery
Lori Guida Springer
No!
Savannah McKinney
Another COVID-19 shutdown casualty. Not to say it wasn’t in trouble before, but this was the last nail in the coffin.
Michael De Fortuna i’m sure their business model of selling 2000$ chairs and 900$ wicker bookshelves really kept them flourishing all this time ????
Kelly Hartigan
Ellie Ae how do we buy . I like a good sale ????????♀️can’t afford it there elsewise
This ant the only place going out of business and lot of other stairs r going out of business do to this virus and it sucks what this world has come too
Dennis Mike Devito While it’s true the virus will close some small businesses, Pier One announced closings months ago
Nancy Carolan yea I know but it’s even hurting more do to this virus and it sad how this world going to be
Nancy Carolan yea I know but it’s even hurting more do to this virus and it sad how this world going to be
Nancy Carolan the media will do a lovely job trying to make people believe this chain is closing due to the virus … along with everything else they blow out of proportion ????????♀️
Jackie Thomas
We never blamed COVID19. Pier 1 has been struggling for years now.
Ocean County Scanner News no not you, sadly yes they have. But a lot that now see it’s a goner will blame covid ????????♀️????????♀️
Dennis Mike Devito Probably got to close anyway and this situation they aren’t bothering to reopen
Dennis Mike Devito the virus was the final nail in the coffin. They filed chapter 11 in February (before the pandemic), and closed 450 stores. The hope was to find a buyer to keep the remaining stores open (roughly 540 of them). Unfortunately that didn’t happen and having all stores closed for this long just made it unsustainable…
Beth Lane they will reopen for liquidation…approximately 16 weeks from opening dates.
Dan Picinic we can find stuff!!!
Litria Jean yes!
Linda Dello Russo Morris
Jonathan Dye…… ???? jerks
Samantha Caruso
Angela Santoro here’s another
Veronica Vick Thomas i actually just added this to my previous status. Smh…so sad.
Erin Dockery
Loretta Ann Weiss Sue Bricker Mercadante ????
Rachel Marie crap
Sue Bricker Mercadante sooo many stores going ????
Rachel Marie i know..this one i will miss
Sue Bricker Mercadante thank goodness home goods and marshalls will never go out!
Rachel Marie hopefully…never say never
Rachel Marie I’ll die if Homegoods goes out
Donna Garon RIGHT! That’s my go to store. Best place ever!
Rachel Marie I wish they would open back up already. I went the day everything closed to get some Easter stuff, but they were already closed
Donna Garon I know, home goods is my favorite place to get summer stuff like planters and outdoor furniture and all the cute stuff! I’m dying to get in there!
Rachel Marie I love it there
Kelly Gargaloni Susan Fritschy Green
Cindy Haavisto
Camille Czerkowicz
I don’t even think I could ever afford their clearance items
They filed bankruptcy long before Coronavirus.
Over priced!! Even during a closing!
They were closing way before the virus
They are out of line with their prices anyway
THANKS A LOT POS MURPHY?
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Kasandra Haefeli ???????????? discount house decor whaaaaat
Alison Rowley
Emily Strich the beginning of the end…
No! I always get coupons from them. And I like some of their stuff, especially around the holidays. Wow, another store that I like bites the dust. When they reopen, I’m going to stock up on their candles.
Courtney Lynn
Suzy Johnson
These over priced stores are not going out of buiss because of Corona… They were at deaths door already … and this is final push over ledge …
Haven’t shopped in this overpriced retailer for years!
Love Pier One 🙁
I luv pier one and lord and Taylor’s so upset
Skarlett Sevilla you can get that egg chair lol
Brooke Naughright ????????????
They were closing way before this pandemic. Old news
Amber Lynn
Gail Siciliano Nicole DeCrescenzo