Pier 1 Imports To Close All Stores Permanently After Nearly 60 Years

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Pier 1 Imports To Close All Stores Permanently After Nearly 60 Years
The company said it was closing after the COVID-19 pandemic made it difficult to find a buyer.
SHOW TRANSCRIPT

After nearly 60 years of selling decor and home goods, Pier 1 Imports is closing all of its retail stores for good.

In a statement, the company explained Tuesday it had filed for a motion to begin a "wind-down" of its retail operations. It said it would start liquidation sales as "soon as reasonably possible" while following coronavirus-related guidelines. 

Pier 1 initially filed for Chapter 11 protections in February, but says the pandemic made it difficult to find a buyer that would continue its operations. 

In addition to permanently closing its more than 500 stores, Pier 1 will also try to sell its intellectual property and e-commerce business — meaning it will no longer own its patented material.

Store closure dates will vary by location.

Contains footage from CNN.