Pier 1 is asking for approval to shut down its business and close all its stores

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Pier 1 is asking for approval to shut down its business and close all its stores
Pier 1 Imports wants to shut down completely.AP Photo/Nati Harnik
  • Pier 1 Imports is asking for court approval to wind down its retail operations.
  • The home goods retailer filed for bankruptcy protection in February.
  • But, the coronavirus pandemic has thwarted its efforts to find a buyer who would keep the business going.

Pier 1 Imports is seeking court approval to shut down its business completely, it said in a press release on Tuesday.

The home goods retailer filed for Chapter 11 bankruptcy protection in February. In January, it said it would close about half of its stores — or about 450 locations — for good.

But on Tuesday, Pier 1 said it would look to shut down after failing to find a buyer who would continue to keep the business going, a process it said had been complicated by the coronavirus pandemic.

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"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," Robert Riesbeck, Pier 1's CEO and CFO said in the release.

Pier 1 said it would continue to seek a buyer for its e-commerce business, inventory, and intellectual property in the meantime.

The retailer said it would begin liquidation sales once its stores are able to reopen to conduct them. In a notice on its website, Pier 1 said it expects to continue operating stores until early fall 2020, and that store closure dates would vary by location.

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