Online furniture companies such as Wayfair have been eating into Pier 1's sales.
Home goods retailer Pier 1 Imports said Tuesday 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.
Pier 1 said it will commence the winding down of its business “as soon as reasonably possible,” once its stores are able to reopen to liquidate.
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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.
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Pier 1 is going out of businessPier 1, the seller of wicker chairs and other home goods, said going-out-of-business sales will start as soon as it can temporarily reopen stores shut by the pandemic.
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Home-Decor Retailer Pier 1 Looks To Close For GoodPier 1 Imports — one of America's most prominent home-decor chains — is closing down. The company was already looking to halve its store count, but the coronavirus pandemic compounded their financial problems, leaving them without a buyer.
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