Pier 1 bankruptcy approved, officially going out of business

by Bryan Brammer · Jun 1st, 2020 1:24 pm
2

Home decor retailer Pier 1 Imports announced Friday that it had received approval from bankruptcy court to close and liquidate its remaining 540 stores, including its e-commerce services.

"Pier 1 Imports, Inc. today announced that it has received approval from the U.S. Bankruptcy Court for the Eastern District of Virginia for the Company's planned wind-down of operations," the company said in a statement. "Pier 1 intends to initiate store closing efforts and liquidation sales once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials. The Company plans to conclude its liquidation sales by the end of October."

The company filed for bankruptcy in February after it closed nearly half of its 936 stores. In May, it shuttered the remaining stores due to the coronavirus pandemic.

Pier 1 plans to sell its website and intellectual property in July. All online orders will continue to be fulfilled.

Robert Riesbeck, the company's chief executive and chief financial officer, said he is grateful for the support over the previous 58 years.

"This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1," said Riesbeck. "We are incredibly grateful to everyone who has supported Pier 1 since the Company's inception nearly 60 years ago, including our committed associates, passionate customers, and talented vendors."


Comments

There are 2 comments on this article.

You must become a subscriber or login to view or post comments on this article.