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 have an old Buick. Older than me! America made some fine cars way back when.
-—Went in one about a year ago, looking for a wastebasket. Didn’t have any.——
I have a (now ugly) vase from P1. It’s been moved to my donation box in the garage.
...assembling...
I’m pretty much like you, lee -
I’d rather pay someone to put it together and have an item delivered to my house.
Not all folks can assemble stuff.
LOL
It’s a cool place to walk around checking out the merchandise and all but they have been going out of business for at least 20 years now.
I guess that the intentional Chinese virus finally did them in....like MANY other businesses.
There is a stand-alone store less than a mile from me here on RT. 1 in Norwood, MA.
Been there for a looong time.
Will be sad to see it finally go..
Already a few long term empty storefronts on this stretch of road i imagine that the building will remain empty for a while..
Finally some good news. Hate that store.
There is a Pier 1 here in Nashua. I drive by it every day when I go to and from work. I shop at several other stores in the same plaza. I have not walked into that store in 15-20 years. It was/is imported overpriced JUNK. Poor quality Asian crapola. That is why they went out of business.
They will go down to 80-90% off eventually, since they can’t send the merchandise to other stores.
Then the end buyer will come in a buy out each store at 5% of retail - but the end buyer has to buy everything left in the store and haul it away.
I wandered into the first Pier One I saw in Connecticut back in the early ‘90s. Even then, it looked like its only pier was in Red China. Imports indeed.
“Loved the smell of the place, exotic!”
Same here!
Hope my 48” diameter tempered glass tabletop doesn’t break.
Pier 1 was an interesting place 40 years ago. Back then having a store full of import merchandise was distinctive. Now it’s just the norm.
Maybe Pier 1 should rebrand itself as Pier X and sell only USA made products. That would be an edgy move.
My old 9yr ex-gf used to love decorating our places like the inside of a Cracker Barrel restaurant.
She used to love blowing $$ at Pier 1.
I bet she’s sad at the moment.
GOOD
Buick is HUGE these days - IN CHINA - where they are all made.
“I think stores like IKEA too a lot of their customers away from them.”
Wayfair too. Their stuff tends to assemble easier than IKEA at least.
The Facebook memes saying “I ordered a desk from IKEA” and showing a saw embedded in a piece of tree trunk are funny.
Chinese tchotchkes.
I know myself. After a couple of near misses, after a few hours when I realize I have to take it apart and start all over, I am usually ready to throw such items in the back of the Guest Closet (forevermore!) or in the nearest dumper.
...Loved the smell of the place, exotic!
The sweet aroma of cheap incense
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