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Pier 1 Imports will soon be closing all 541 of its store locations, according to a company announcement released on May 19. The retailer joins a growing list of companies, including JCPenney, who plan to close some or all of its stores due to financial pressure from a slow economy pushed to the brink by a global pandemic.
In the announcement, the Fort Worth, Texas-based home decor company said it had filed a motion in bankruptcy court for approval “to begin an orderly wind-down of the Company’s retail operations as soon as reasonably possible after store locations are able to reopen following the government-mandated closures during the COVID-19 pandemic.”
Pier 1 Imports announced it would close up to 450 locations in January, after its stores posted declining sales for nine consecutive quarters. In February, it filed for Chapter 11 bankruptcy protection. The retailer had closed stores in 2019 as well.
The coronavirus pandemic made it impossible to get back on track.
Pier 1 Imports’ chief executive officer and chief financial officer Robert Riesbeck said that before the pandemic, they’d been searching hard for new ownership for Pier 1 so they could stay in business.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Riesback said in the company’s official 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 Imports has not specified when the store shutdowns will begin but said the company is still processing orders through its official website and will continue to through July 2020.
The company recently posted about its upcoming Memorial Day weekend sale on Instagram:
Pier 1’s website indicated closing sales at every location when stores reopen, and that sales should end in about 16 weeks. So, if you’re looking to get those great deals in person, you’ll want to shop as soon as possible after your nearest location opens its doors.