Pier 1 Imports will end all retail operations, the company announced Tuesday, partially blaming the “impact of COVID-19.”
The company filed for bankruptcy three months ago.
Pier 1 announced that it filed a motion in Bankruptcy Court asking to end its retail operations “as soon as reasonably possible.” Company leaders pointed to the temporary closures during the pandemic and the inability to find a buyer as a reason for the shutdown.
“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,” CEO and CFO Robert Riesbeck said in a release.
The company conducted an analysis in an attempt to find a way to keep operating but decided to liquidate, citing the “combination of a challenging retail environment and the new reality and uncertainty of a post-COVID world.”
The 58-year-old company plans to sell its remaining inventory, its website and its intellectual property. Orders made online will continue to be fulfilled.
Stores specializing in home goods have taken a hit as the online giant Amazon rose to power and big-box chain stores like Walmart and Target improved their supplies.
Pier 1 has slashed its store count in half since last year. The company currently owns more than 500 stores. In February, the company announced it would shut down 450 stores.
J.C. Penney, Neiman Marcus and J Crew have also filed for bankruptcy in the past few weeks, citing the pandemic and changing customer behavior.