Pier 1 Imports Bankruptcy Approved; All Stores to Close
Just under two weeks ago, I told you it appeared that the end of Pier 1 Imports was coming. Back in February, the company filed for bankruptcy and had been in search of a buyer. No buyer came forward and now CNN says the company will no longer exist, effective later this year.
In a news release reported on by the Daily Voice, Pier 1 CEO Robert Riesbeck said,
This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1. We are incredibly grateful to everyone who has supported Pier 1 since the Company’s inception nearly 60 years ago, including our committed associates, passionate customers and talented vendors.
Pier 1 Imports had eight stores at the beginning of 2020. The Coralville, Dubuque, Sioux City, and West Des Moines stores were part of announced closings in January, as reported by the Des Moines Register. That left Iowa Pier 1 Imports stores in just four cities... Ankeny, Clive, Davenport, and Marion. Fox Business says all remaining stores will be closed by Halloween.
Liquidation sales at all remaining Pier 1 Imports stores will begin as soon as stores can reopen from the COVID-19 pandemic. NJ.com says there are approximately 540 Pier 1 stores remaining.
Online sales have been very brisk, according to the New York Times. Riesbeck revealed during a bankruptcy hearing last Friday that Pier 1 was doing about $20 million per week in online sales for their "going-out-of-business" sales. He told the court, "We are blowing through Black Friday levels."
Unfortunately, Pier 1 shoppers won't have any more Black Friday's to shop their stores.