Pier 1 Asks Court to Allow Liquidation of Stores

Pier 1 Imports, the retail chain famous for home decor and furniture, has asked a bankruptcy court to allow them to wind down the operation of all stores and sell their inventory as a result of financial hardships caused by the novel coronavirus pandemic. 

According to FoxBusiness.com, the company, which owns 541 U.S. stores, would continue to serve customers through their website, and will begin liquidation as soon as stores can reopen. 

In our area, there are Pier 1 stores in Paducah, Clarksville, and Carbondale.

Pier 1 is based in Fort Worth, Texas, and filed for chapter 11 bankruptcy protection in February, about a month after it announced the closure of up to 450 stores and two distribution centers. 

The company had reportedly been trying to revamp its stores and change product lines to compete for younger customers, who have been using home decor sites like Wayfair. They hired a CEO with a background in corporate turnarounds in November, but had no opportunity to increase sales when the pandemic hit. Nationwide shutdowns also hampered their ability to find a buyer, which was their hope after filing for chapter 11 protection.
 

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