Pier 1 Closing All Stores For Good, Cites ‘New Reality, Uncertainty Of Post-COVID World’

Pier 1 Imports has become the latest retailer knocked against the ropes by the “new reality” of online shopping and finished off by COVID-19.

Nearly 60 years after its first store opened — and three months after filing for bankruptcy — the company announced Tuesday that it wants to close all retail operations “as soon as reasonably possible.”

The explosion in online shopping, intense competition from larger chains and the coronavirus pandemic “are requiring us to wind down,” Robert Riesbeck, Pier 1’s chief executive and chief financial officer, said in a statement.

“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Riesbeck said.

Source: Pier 1 Closing All Stores For Good, Cites ‘New Reality, Uncertainty Of Post-COVID World’


The article was originally published here!

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