Pier 1 imports is asking a bankruptcy court to close all stores, due in large part to the COVID-19 pandemic and failing to find a buyer, after coronavirus-driven lock downs, ending a 58-year legacy of selling glassware, wicker furniture and other home decors.
Pier 1 imports: Watch the Analysis
Pier 1 Imports Inc. is a Fort Worth, Texas-based omnichannel retailer specializing in imported home furnishings and decor, particularly furniture, table-top items, decorative accessories, and seasonal decor. It publicly trades on the New York Stock Exchange under ticker PIR.
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Pier 1 is currently undergoing reorganization after filing for Chapter 11 bankruptcy protection on February 17, 2020. On May 19, 2020, Pier 1 announced that it was asking the bankruptcy court to close all stores, due in large part to the COVID-19 pandemic and failing to find a buyer.
Reason For Declined Imports
According to the filing, they want to start the breath after stores are allowed to reopen following government-mandated closures during the COVID-19 pandemic. The filing shows the company will sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised process.
A few of other big retailers have lately gone failed amid the coronavirus crisis, including J. Crew, Neiman Marcus and JCPenney. Those retailers have all pawned to downsize their series in an offer to keep them open. To know more about business news click here.