Pier 1 Imports Plans 'Orderly Wind-Down' Of Operations, Says Coronavirus Prevented Them From Finding Buyer
FORT WORTH, Texas (WJZ) -- Pier 1 Imports has asked a bankruptcy court to allow it to begin an "orderly wind-down" of its operations after failing to find a buyer.
In a news release, the company cited a challenging retail environment and the uncertainty surrounding the coronavirus as factors that prevented them from finding a buyer.
On its website, the home decor retailer said it plans to begin the store closing process "as soon as reasonably possible after store locations are able to reopen following mandated closures during the COVID-19 pandemic."
READ MORE: Pier 1 Files For Bankruptcy
While exact store closing dates will vary, the company said it expects some stores to remain open through early this fall.
In February, Pier 1 filed for bankruptcy. At the beginning of 2020, the company's website listed 19 locations in Maryland; as of Tuesday, the site listed fewer than a dozen.
Pier 1 isn't alone; CBS News reports J.C. Penney plans to close nearly 30 percent of their stores amid a bankruptcy restructuring.
