Pier 1 Imports To Permanently Close All Stores As They Enter Bankruptcy

Pier 1 Imports To Permanently Close All Stores As They Enter Bankruptcy

Pier1 Imports, which recently said it would close 50% of its armada of stores, presently plans to close the entirety of its areas. The retailer reported in a news discharge Tuesday that it was looking for bankruptcy court endorsement to start a "precise breeze down" when stores can revive "following the administration commanded terminations during the COVID-19 pandemic." 

Back in January, Pier 1 said it intended to shut down up to 450 stores, or almost 50% of its areas. It at that point petitioned for Chapter 11 bankruptcy assurance in February. Robert Riesbeck, Pier 1's CEO and CFO, said the organization had been attempting to discover a purchaser to keep working before the coronavirus. "Lamentably, the difficult retail condition has been altogether intensified by the significant effect of COVID-19, impeding our capacity to make sure about such a purchaser and expecting us to slow down," Riesbeck said. 

Dock 1 says it has around 541 U.S. stores and in the court recording says it intends to revive a few stores close by May 22.