Pier 1 Just Announced Sad News For Fans
Joe Raedle/Getty Images By Hope Ngo/May 20, 2020 9:48 am EST
A combination of shelter-in-place and social distancing orders have planted the nail in the coffin of a high profile home goods retailer. After examining its options, Pier 1 Imports says it will close all its shops and end retail operations “as soon as reasonably possible.” Their decision to throw in the towel comes just three months after it filed for bankruptcy, and after management said it spent time thinking about ways to stay in business. But after consideration, Pier 1 management recognized they were left with just one option. “Ultimately, due to the combination of a challenging retail environment and the new reality and uncertainty of a post-COVID world, the company and its advisers determined that an orderly wind-down is the best way to maximize the value of Pier 1’s assets,” (via CNN).
Pier 1 Imports had hoped to find a buyer so it could continue operating before the virus hit. Now it says it can only hope to reopen some stores on or around May 22, so it can begin the process of winding down. The company says it wants to “initiate store closing efforts and liquidation sales once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials.” The chain still has about 541 stores and an online presence, and it is taking online orders for now (via USA Today).
Pier 1 Just Announced Sad News For Fans
Joe Raedle/Getty Images
By Hope Ngo/May 20, 2020 9:48 am EST
A combination of shelter-in-place and social distancing orders have planted the nail in the coffin of a high profile home goods retailer. After examining its options, Pier 1 Imports says it will close all its shops and end retail operations “as soon as reasonably possible.” Their decision to throw in the towel comes just three months after it filed for bankruptcy, and after management said it spent time thinking about ways to stay in business. But after consideration, Pier 1 management recognized they were left with just one option. “Ultimately, due to the combination of a challenging retail environment and the new reality and uncertainty of a post-COVID world, the company and its advisers determined that an orderly wind-down is the best way to maximize the value of Pier 1’s assets,” (via CNN).
Pier 1 Imports had hoped to find a buyer so it could continue operating before the virus hit. Now it says it can only hope to reopen some stores on or around May 22, so it can begin the process of winding down. The company says it wants to “initiate store closing efforts and liquidation sales once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials.” The chain still has about 541 stores and an online presence, and it is taking online orders for now (via USA Today).
Pier 1 Imports had hoped to find a buyer so it could continue operating before the virus hit. Now it says it can only hope to reopen some stores on or around May 22, so it can begin the process of winding down. The company says it wants to “initiate store closing efforts and liquidation sales once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials.” The chain still has about 541 stores and an online presence, and it is taking online orders for now (via USA Today).
Pier 1 Imports made a name for itself bringing in cheap home goods
Justin Sullivan/Getty Images
