Pier 1 is going out of business

Pier 1 Imports Inc., the seller of wicker chairs and scented candles, said it will go out of business and permanently close all 540 of its stores.

The Fort Worth company said Tuesday that it was unable to find a buyer for its business after filing for bankruptcy protection this year. It said it will start going-out-of-business sales as soon as it can reopen stores that have been temporarily shut due to the coronavirus pandemic. Pier 1 started with a single store in 1962 that sold beanbag chairs and love beads to hippies in San Mateo, Calif. It expanded to offer just about anything for the home, including lounge chairs and curtains, and it later adopted the logo “From Hippie to Hip.” At its height, Pier 1 had more than 1,200 stores.But in recent years, its sales have fallen as it struggled to compete with online retailers Wayfair Inc. and Amazon.com Inc.

Other chains that have failed to connect with customers and have filed for bankruptcy protection this month

Didn’t they close months ago? I know ours did.

The Blues Brothers car chase through the mall is getting even more nostalgic.

Ugh I hope I get the missing parts to the dresser I ordered and tried putting together yesterday 😤😤😤

When does the sale start?

With Marshall's, TJMaxx and Burlington around I'm surprised this store lasted this long. Why pay full price?

I hope there's a big sale.. so I can spend money that I don't have

Pier Chapter 11

Too bad.

I loved that place growing up! Not so much in recent decades.

Bye Felicia

Let me make a guess.. They first paid out their executives a hefty amount of $$$.. then they filed bankruptcy so they don't pay their creditors.. typical.

:(

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Pier 1 Imports to wind down its business after not finding a buyerPier 1 Imports says it is seeking bankruptcy court approval to wind down its business entirely after it was not able to find a buyer due to the coronavirus pandemic. mopaddy So sad wow
Source: NBCNews - 🏆 10. / 86 Read more »

Pier 1 Imports seeks bankruptcy court approval to pursue orderly wind-down of business operationsPier 1 Imports Inc. said Tuesday it is seeking bankruptcy court approval to start an orderly wind-down of its business operations as soon as possible given current COVID-19 store closures. The company is planning to sell its inventory and remaining assets, including IP and e-commerce business. "This decision follows months of working to identify a buyer who would continue to operate our business going forward," Chief Executive and Chief Financial Officer 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." The company will start liquidation sales as soon as stores can reopen in compliance with guidelines from states and health officials. Its debtor-in-possession lenders have agreed to allow the retailer to overdraw its DIP loan by about $40 million to support its continued operations through the wind-down period. This is just the beginning. Get used to online sales! TRUMP 2020
Source: MarketWatch - 🏆 3. / 97 Read more »