It’s the end of the road for yet another iconic American retailer. Pier 1 is anxious to get its stores to open as soon as possible so that it can liquidate as much of its merchandise as possible and close all of its outlets permanently. The company had hoped to find a buyer when it filed for bankruptcy earlier in the year, but the search came to nothing. The forced closures brought on by the coronavirus pandemic was if anything just the last nail in coffin for the company. ”
This decision follows months of working to identify a buyer who would continue to operate our business going forward,” wrote CEO Robert Riesbeck in a statment. “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.” While numerous locations are closed, hindering the sell-off of inventory, online sales are currently ongoing. The company was founded in 1962 with a single store but grew into a powerful retail chain, but it’s been pushed aside by online retailers like Amazon and Wayfair.
