FORT WORTH, Texas (Gray News) - Pier 1 Imports will likely not survive after filing for bankruptcy, as the struggling retailer announced Tuesday it is looking to cease operations.
The company has filed a motion seeking bankruptcy court approval to close stores “as soon as reasonably possible” after store locations are able to reopen amid the coronavirus pandemic.
CEO Robert Riesbeck said this was not the outcome the company was hoping for after filing for bankruptcy.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Riesbeck said. "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 will look to begin liquidation sales as soon as stores reopen, and customers can still shop online.