Pier 1 is asking for approval to shut down its business and close all its stores
Pier 1 Importsis asking for court approval to wind down its retailoperations.
- The home goods retailer filed for
bankruptcyprotection 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.
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.
"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
- Healthy household balance sheets will push auto, consumer goods sales: Morgan Stanley
- America’s largest crypto exchange Coinbase nosedives, reports $1.1 bn in net loss
- Consumers are taking more shorter trips through the year says OYO
- Heavy rains in western Maharashtra; Kolhapur varsity suspends exams for 2 days
- Best fully automatic washing machines for effortless washing in India