(WFRV) – Pier 1 says it intends to close all of its 540 stores nationwide after filing for bankruptcy protection earlier this year.
In a Tuesday press release, the home furnishings company said it’s looking for court approval to liquidate its remaining stores after failing to find a buyer to keep the business going.
“This is not the outcome we expected or hoped to achieve,” said Robert Riesbeck, the company’s CEO. “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.”
Before the pandemic, it said it was planning on closing 450 shops, roughly half of its locations, for good. The company says it plans to sell its remaining inventory and assets, including its intellectual property and e-commerce business, through a court-supervised auction.
Pier 1 says it continues to serve its dustomers online amid the coronavirus pandemic.