Pier 1 to wind down operations

Bloomberg

Pier 1 Imports Inc said it would seek bankruptcy court approval to wind down its retail operations after the coronavirus pandemic made it difficult for the US retailer to find a buyer.
The company said in a statement on Tuesday it intends to sell its inventory and remaining assets, including its
intellectual property and e-commerce business, through the court-supervised process. Pier 1 filed to begin an orderly wind-down “as soon as reasonably possible” after stores are able to reopen following government-mandated closures because of the pandemic.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Robert Riesbeck, chief executive officer, said in the statement. “Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of Covid-19, hindering our ability to secure such a buyer.”