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A real time collapse in motion: Pier 1 Imports to close all 540 stores after 58 years
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Pier 1 Imports is calling it quits.
The bankrupt home-goods retailer has asked a court for permission to liquidate its remaining 540 stores once they reopen after coronavirus-driven lockdowns, ending a 58-year legacy of selling glassware, wicker furniture and other home decor.
Pier 1 said it is in talks with several prospective buyers to sell its remaining assets, including its intellectual property and e-commerce business, during a court-supervised auction on July 15. The company has tapped Gordon Brothers to begin liquidating its locations this weekend across the US, according to court documents.
“It is now clear that Pier 1’s future does not involve any brick-and-mortar retail locations,” Pier 1 said in court filings.
The Fort Worth, Texas-based chain — founded in 1962 in San Mateo, Calif., under the moniker Cost Plus Imports — filed for bankruptcy protection in February, pushed to the brink by increasing competition from online home furnishings giant Wayfair, Target and Walmart.
In March, Pier 1 canceled a court-administered auction to sell the company, citing a lack of interest. Lenders explored buying the company but ultimately backed away, forcing Pier 1 to shut down for good, according to court papers……more here
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