Posted on 05/19/2020 12:05:36 PM PDT by Enlightened1
Pier 1 Imports is calling it quits.
The bankrupt home-goods retailer has asked a court for permission to liquidate its remaining 540 stores once they reopen after coronavirus-driven lockdowns, ending a 58-year legacy of selling glassware, wicker furniture and other home decor.
Pier 1 said it is in talks with several prospective buyers to sell its remaining assets, including its intellectual property and e-commerce business, during a court-supervised auction on July 15. The company has tapped Gordon Brothers to begin liquidating its locations this weekend across the US, according to court documents.
“It is now clear that Pier 1’s future does not involve any brick-and-mortar retail locations,” Pier 1 said in court filings.
The Fort Worth, Texas-based chain — founded in 1962 in San Mateo, Calif., under the moniker Cost Plus Imports — filed for bankruptcy protection in February, pushed to the brink by increasing competition from online home furnishings giant Wayfair, Target and Walmart.
In March, Pier 1 canceled a court-administered auction to sell the company, citing a lack of interest. Lenders explored buying the company but ultimately backed away, forcing Pier 1 to shut down for good, according to court papers.
“This is not the outcome we expected or hoped to achieve,” Robert Riesbeck, Pier 1’s chief executive and chief financial officer, said in a statement.
At the beginning of this year, Pier 1 had 936 stores and had hoped that closing half of them in bankruptcy would be a linchpin to its reorganization. But the coronavirus quashed the company’s ability to restructure, according to court documents.
(Excerpt) Read more at nypost.com ...
I am calling it the Blues Brothers curse.
Every retailer in their famous mall car chase scene has gone bankrupt.
JCPenny, Pier 1, ToysRus, etc.
https://m.youtube.com/watch?v=IIdGxR-aU6o
Nice going democrats.
Seems like they’ve been on the edge of bankruptcy for decades. Not surprising this would finish them off.
Great...
When times are bad it is the marginal players that get cut. Except from Government.
I spent a lot of time as a kid in the 70’s outfitting my room from Pier 1......Loved the smell of the place, exotic!
My first thought.
I was in a Pier 1 back in January (in Texas). There was a big banner in fron of the store. It said something to the effect the the storevwasclosing, and all merchandise was being liquidated. I went inside to look around. The biggest markdown I saw was -20%. Not exactly “going out of business” savings.
So I guess the new Oldsmobiles won’t be in early this year.
Buick is all but gone too, they’re only making SUVs now.
Went in one about a year ago, looking for a wastebasket. Didn’t have any.
I find that scene hilarious. Not sure why
WC Fields had a similar one
Pier 1 is such a ripoff. I find the same type items in tjmaxx three doors over. At least 1/2 the price.
I think stores like IKEA too a lot of their customers away from them. I’m not an IKEA type customer. I do not enjoy putting furniture together on my own. Would much prefer buying the finished product, even if I have to pay a little more. Obviously, many feel differently.
Your plot to destroy America in order to "Get Trump" is working so well😡.
Styles change. They didn’t. Live by the wicker peacock chair, die by the wicker peacock chair.
Same here, I was in a Pier 1 a few months ago, didn’t see anything reasonable. Maybe 1 item out of a hundred was interesting — but outrageously overpriced.
Don’t get me started on the salespersons.
for dem socs saving america means destroying america
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