The home-goods retailer has requested permission to liquidate the last of its stores once the coronavirus lockdowns have been lifted.
At the beginning of the year, Pier 1 closed roughly half its 936 stores, hoping to recover from a reported net loss of $59 million for the quarter ending November 30.
The retailer reported that lenders explored purchasing the company but eventually declined. The lack of interest and economic shutdown due to the coronavirus pandemic prevented the company from restructuring its business plans.
"This decision follows months of working to identify a buyer who would continue to operate our business going forward," Robert Riesbeck, the company's chief executive and chief financial officer, said in a 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."