Pier 1 Imports to shutter all stores, citing ‘uncertainty’ of post-coronavirus retail

Pier 1 Imports plans to close all of its remaining stores.
Pier 1 Imports plans to close all of its remaining stores.(Donna Mcwilliam/AP)

Pier 1 Imports doesn’t plan to survive the coronavirus pandemic.
The home goods store announced Tuesday that it’s asking the court to shut down its retail operations “as soon as reasonably possible," three months after filing for bankruptcy.
“We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades," Robert Riesbeck, Pier 1’s chief executive and chief financial officer, said in a statement.
"We deeply value our associates, customers, business partners and the communities in which we operate, and this is not the outcome we expected or hoped to achieve. 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.”
Pier 1 said that it plans to liquidate its assets as soon as its stores are allowed to open again as states begin to lift their coronavirus lockdowns.
The company cited the “new reality and uncertainty of a post-COVID world” in its decision.
Pier 1, based in Fort Worth, Texas, filed for bankruptcy in February, but has been unable to find a buyer.
The company had more than 1,000 stores nationwide of last year, but has slashed that number to about 500.
A number of retailers, including JCPenney, Neiman Marcus and J. Crew, have all filed for bankruptcy recently, due both to the coronavirus shutdown and the continued domination of online shopping.

No comments:

Powered by Blogger.