FORT WORTH, Texas — Three months after filing for bankruptcy, Pier 1 Imports Inc. wants to close down its stores for good.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Pier 1 CEO Robert Riesbeck 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.”
Pier 1 was founded in San Mateo, California, in 1962. The company has more than 1,000 stores in the United States and Canada.
According to its news release, Pier 1 intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through a court-supervised process.
Pier 1′s decision is a reversal in tactics, as the company said it was hoping to restructure, The Wall Street Journal reported.
"It is now clear that Pier 1’s future does not involve any brick-and-mortar retail locations,” the company said in its filing.
The company’s lenders have agreed to let the business overdraw its lending facility by $40 million to help pay for the liquidation process, CNN reported.
Pier 1 has closed nearly half of its locations since last year, according to CNN. In February, the company announced it was closing 450 stores, including all locations in Canada.