Pier 1 Imports had previously stated that they would be closing half of their fleet of stores, though now plans to close all of its 541 locations. On Tuesday the Fort Worth, TX based company announced in a news release that the they were seeking court approval for bankruptcy so that they could begin an “orderly wind-down” when once again able to reopen “following the government-mandated closures during the COVID-19 pandemic.”
Robert Riesbeck, Pier 1’s CEO and chief financial officer, had been working to find a buyer prior to the coronavirus . “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,” Riesbeck said.
The Pier 1 said it will “initiate store closing efforts and liquidation sales once store locations can reopen. For those who are fans of the brand’s home goods, the Pier 1 website is still accepting orders and, right now, is hosting a site wide Massive Clearance Sale on everything from furniture to patio, mirrors to statues. Even with safe social distance measures in place, this might be the last opportunity to get your hands on Pier 1;s superb products at some amazing prices.
* 40% off (or more )on all outdoor furniture.This deal includes three-piece and five-piece patio sets that typically retail for $565 and $830, and now on sale for $339 and $498 respectively.
* Bedroom essentials such as sheets, shams and comforters; usually just under $40, the Manor Chenille shams are now $19, and the matching comforter is more than $100 off in Queen and King sizes.
The company said that if the court filing order is approved then it will accept returns for the first 30 days from the date it is approved “so long as the return is otherwise in compliance with the Debtors’ return policies in effect as of the date such item was purchased.” However, returns of items sold in the liquidation sale of the company’s initial closing stores will not be accepted.
Pier 1 has also proposed that valid gift certificates, gift cards, and loyalty certificates issued previously will be accepted for 21 days from when the order is approved on its website. Then the gift cards and certificates would be accepted for the first 21 days “from the date of the reopening of any store” for in-person purchases only.