After filing for bankruptcy three months ago, Pier 1 has decided to hang it up.
Pier 1 announced Tuesday that it’s asking the bankruptcy court to stop all retail operations.
The company blames temporary store closures caused by the coronavirus and failing to find a buyer for the drastic decision, CNN reports.
The 58-year-old, Fort Worth-based company said liquidation was the best option.
“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. This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer said in a press release. “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.”
Other retail companies which have filed for bankruptcy include JCPenney, Neiman Marcus, and J Crew, blaming the virus and shifting consumer behavior.