After declaring bankruptcy in February, home decor retailer Pier 1 Imports is set to begin “an orderly wind-down” of operations.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” says Pier 1’s CEO and CFO Robert Riesbeck. “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.”
Company leaders wish to begin a complete sale of its inventory as soon as stores are allowed to reopen amid COVID-19, NPR reports.
Furniture and home furnishings retailers saw sales fall nearly 60 percent in April as COVID-19 forced many nonessential businesses to temporarily close. Pier 1 began with a single store in 1962, but has struggled to compete alongside big-box retailers and e-commerce giants.