NEWTOWN, PA — Pier 1 is looking to shut all of its retail stores as soon as possible, the company announced Tuesday.
Pier 1 has asked the bankruptcy court to cease its retail operations, saying the temporary closures due to the coronavirus pandemic have caused financial ruin on its already shaky status.
Earlier this year, the home furnishings store closed half of its stores in an effort to "better align its business with the current operating environment."
The company is now seeking bankruptcy court approval to begin "an orderly wind-down" of its retail stores "as soon as reasonably possible."
"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," CEO Robert Riesbeck said in a statement.
Pier 1 said it intends to close stores and start liquidation sales once store locations can reopen in compliance with COVID-19 guidelines. The company is currently processing and filling orders on its website.
The store's profits have been declining in recent months; net sales for the third quarter of 2019 plummeted more than 13 percent to $358.4 million.