The company's request to shut down stores comes after it was unable to secure a potential buyer
on Tuesday that the company had filed a motion with a bankruptcy court seeking to close its stores "as soon as reasonably possible."
After its "orderly wind down" of its retail operations, the home decor company, which had previously filed for bankruptcy in February, intends to sell off its remaining assets in a "court-supervised" process.You'll get the latest updates on this topic in your browser notifications. “We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades. We deeply value our associates, customers, business partners and the communities in which we operate, and this is not the outcome we expected or hoped to achieve," Robert Riesbeck, Pier 1’s CEO and CFO, said in the statement.
The company will begin the shut down process as soon as stores around the country are able to reopen under coronavirus-related guidelines and is "currently continuing to serve customers through Pier1.com, and orders are being processed and filled," the company said in its statement.
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