Pier 1 Is Closing All Stores, and This Is Truly the End of an Era

updated May 20, 2020
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After nearly 60 years in business, Pier 1 Imports will close all its remaining stores. The company filed for Chapter 11 bankruptcy in February, and proceeded to close 450 of its 942 stores. And as of Tuesday, May 19, Pier 1 announced that it will enter into an “orderly wind-down” phase and close its remaining locations. 

This Bankruptcy Court-supervised “wind-down” will occur as soon as Pier 1 locations are able to open again following government-mandated closures during the ongoing coronavirus pandemic.

Pier 1 is best known for its home decor that often features a bohemian, global influence. Its online history states that when Pier 1 kicked off in 1962, its “first customers were post-World War II baby boomers looking for beanbag chairs, love beads and incense.” From there, the chain grew to offer “quality, unique home furnishings and decorative accessories” at more affordable prices than designer showrooms.

“This is not the outcome we expected or hoped to achieve,” Robert Riesbeck, CEO and CFO of Pier 1 Imports, said in a statement to investors regarding the shutdown. “We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades.”

According to Riesbeck, COVID-19 hindered the company’s ability to secure a buyer for the chain. The folding of the company is the best way for Pier 1 to maximize its assets.

Though the pandemic forced Pier 1 to temporarily close its storefronts, the company is still serving customers and processing orders via Pier1.com. Right now, a Memorial Day sale is in effect. And customers can likely expect liquidation sales once Pier 1 storefronts are able to open to the public.

And just like that, it’s the end of an era.