Pier 1 Imports on Tittabawassee Road seen on Friday, Jan. 31, 2020 in Saginaw, Mich. (Riley Yuan | MLive.com)Riley Yuan | MLive.com
Bankrupt retailer Pier 1 is closing all its stores.
In an announcement, the homegoods chain said it will “begin an orderly wind-down” of retail operations once stores restart business after coronavirus-related shutdowns.
“As part of the wind-down, the company intends to sell its inventory and remaining assets, including intellectual property and e-commerce business, through the court-supervised process,” the company said in a statement.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward. 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,” said Robert Riesbeck, Pier 1’s CEO.
Store closings and going-out-of-business sales will start once locations reopen.
Pier 1 announced in February it was closing around 450 locations as part of its bankruptcy proceedings, bringing its total number down to around 500. The closures came as Pier 1 reported a 13 percent decline in sales over a year ago, resulting in a net loss of $59 million in the third quarter of the fiscal year.