Merchandising

Pier 1 Imports initiates liquidation phase

Photo by istock.com

May 20, 2020

Pier 1 Imports is seeking court approval to liquidate stores, once they re-open in the wake of COVID-19, after months of trying to find a buyer.

The home décor retailer, based in Texas, filed for bankruptcy in February and said the ongoing coronavirus pandemic and a "challenging" retail environment were top reasons for not being able to avoid going out of business, according to a New York Post report.

"This is not the outcome we expected or hoped to achieve," Robert Riesbeck, CEO and CFO, said in a statement. "This decision follows months of working to identify a buyer who would continue to operate our business going forward. 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."