Pier 1 Seeks Approval to Shut Down Its Business, Close All Stores
Pier 1 Imports is asking for court approval to shut down its retail operations completely, according to a press release issued from the company.
The home goods retailer filed for bankruptcy back in February and said they would close half of its stores. Now, however, Pier 1 is looking to shut down after failing to find a buyer who would be able to keep the business going, which became difficult amid the current global pandemic.
Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer said:
We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades. We deeply value our associates, customers, business partners and the communities in which we operate, and this is not the outcome we expected or hoped to achieve. This decision follows months of working to identify a buyer who would continue to operate our business going forward. 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 plans to initiate store closing efforts and liquidation sales once store locations can re-open, in compliance with COVID-19 guidelines from local government and health officials. The company is continuing to serve customers through Pier1.com, and orders are being processed and filled.
The Hudson Valley has, at least according to a quick Google search four Pier 1 store locations, which are all temporarily closed due to COVID-19. While we don't know the exact plans for the Hudson Valley stores, it appears that they will begin the closing process once they are permitted to reopen.
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