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 ...
The only thing I like about the Pier 1 store here at the Westside Plaza in Nashua was the wooden Laminated Beams that supported the roof structure.
I thought they were cool because I sold the lumber to Wood Fabricators in North Billerica, MA that made the beams.
They too, are now out of business. They were in the old Boston & Maine Railroad Industrial Park in North Billerica.
There is a bank right in front of this Pier 1 store in Nashua. It has been probably three or four different banks in the last 30 years. It is currently being remodeled it the new home of St. Mary’s Bank. The oldest credit union in the country. Originally on the west side of Manchester.
Otherwise known as “La Caisse Populaire Ste-Marie” (Saint Marie, the house of the people)
So, things change.
It is quite amazing that the ONLY damn thing that grows during times like this is the STINKING damn government!! These SOB’s are all home on a three month vacation while NEVER going without a paycheck on OUR DIME!! Being paid by ALL of thse with NO income coming in AT ALL!!!
Buick is all but gone too, they’re only making SUVs now.
I’m sure that I must be “mis-reading” the second part of your post.
Pier 1 was cool back in the 70’s and 80’s when “Imported” meant it was out of the ordinary.
From the 90’s on Asia* flooded the market with mass produced crap and made Pier 1 just another store.
*mainly China.
I used to have a Buick that was the same model year as the year I was born. So which of us was older was debatable, I guess.
Don’t tell your girlfriend unless you want to but she can buy that same cracker barrel decor at Hobby Lobby.
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!
``````
The smell in the one in Seattle waterfront smelled alright - like dead rats
Pier 1 was always a fun place to browse but I cant say I ever bought much there. Guess that was the problem.
Yeah, Pier 1’s style has gone out of style.
Hey, do closures such as Pier 1 and JC Penney count as Coronavirus deaths?
There’s a lot of nice, low-priced furniture and knick-knackis at Hobby Lobby. They may have more farmhouse- looking stuff than other continent-looking stuff than Pier 1, but some sort of exotic looking pieces can be still found.
World Market has some similar type stuff to Pier 1. It’s always an adventure going to different Homegoods to see what is there.
Pier 1 does have better dining tables than any of these places, though.
We still have some Pier 1 stuff around. It is sick and sad what is happening by a political weapon of mass economic destruction disguised as a virus but I have yet to see one of these stores or corporations that was not already headed to bankruptcy pre-Corona. The real winners are government and ILLEGALS. Any other business is essentially state run now.
I havent stepped into a Pier 1 store in YEARS.
Have not been in one of those stores...in 40-45 years.
Great vehicle.
Even more room in the mall now
I had never heard of Pier 1 until about 25 years ago, then they sprouted all over. Some interesting stuff in the stores, but almost all of it made overseas.
My wife loves (loved) Pier 1. This will make her sad (but I remember hearing they were on thin ice before the pandemic).
The last time I visited a Pier 1, I thought I was at a flea market or a yard sale.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.