Pier 1 Imports Inc. filed a motion seeking bankruptcy court approval to begin winding down its retail operations as soon as possible after its locations can reopen following government-mandated COVID-19 closures.
Pier 1, headquartered in Forth Worth, Texas, will sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised process.
The 58-year-old retailer’s chief executive Robert Riesbeck cited “the profound impact of COVID-19, hindering our ability to secure such a buyer and requiring us to wind down” after filing for bankruptcy earlier this year.
“We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades. We deeply value our associates, customers, business partners and the communities in which we operate, and this is not the outcome we expected or hoped to achieve,” Riesbeck said in a prepared statement.
Pier 1 engaged in an analysis of all available alternatives with its financial and legal advisors prior to deciding on the wind-down, but due to “the new reality and uncertainty of a post-COVID world,” a wind-down was identified as the best way to maximize the value of its assets.
Pier 1 will initiate store closing efforts and liquidation sales once store locations can reopen. Orders are still being processed and filled on Pier1.com.