Pier 1 Imports to Liquidate; Closing All Remaining Stores
In a statement released today, Pier 1 Imports officials announced the liquidation and closing of their remaining stores.
In February of this year, the company announced bankruptcy proceedings that would allow them to regroup and concentrate their efforts on the more profitable stores. That, combined with the coronavirus pandemic, proved to be too much for the store to handle.
On their investor's relations website, Pier 1's CEO/CFO Robert Riesbeck said that after spending months unable to attract a buyer, the current retail atmosphere, combined with the challenges presented by the pandemic, called for tough decisions.
We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades.... 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. - Robert Riesbeck, Pier 1
The company says that as soon as stores are able to reopen, they will begin to "liquidate their assets" - in other words, have a "Going Out of Business Sale".
Our thoughts are with the employees, let's hope they are able to find new jobs soon after the store's closing.