Pier 1 Imports Calling it Quits, Set to Close all 540 Stores
After a 58-year long run of selling unique furniture, decorations, and other extremely interesting "stuff" for the house - Pier 1 Imports will be closing for good.
The nationwide chain filed for bankruptcy back in February. Their strategy was to reorganize and get the company's affairs in order so that they could emerge from the bankruptcy a stronger company. The Fort Worth, Texas-based retailer closed half of their 942 stores as part of the larger effort to save the company from a financial apocalypse. Then the Coronavirus pandemic came along and seemingly derailed the whole plan. When lenders who could have saved the company backed away in March, Pier 1 was left with no other option than to close up shop.
Now, the New York Post is reporting that executives with the company have asked the judge overseeing the bankruptcy to allow them to liquidate the remaining stores. Once all of the paperwork is finalized, an auction will be held to sell off the rest of the company's physical assets. That sale will put all of the assets, including Pier 1's intellectual property and e-commerce business on the auction block during a court-supervised auction scheduled for July 15.
This move will reportedly close the doors on all of the remaining 540 stores across the country, including the one located on Youree Drive in Shreveport. No date for the imminent closing was reported.