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After 58 years of selling home decor, Pier 1 Imports is going out of business. According to the New York Post, the brand, which already filed for bankruptcy in February, has asked the court for permission to liquidate its 540 stores when they reopen. They are currently closed due to coronavirus.

The New York Post reports Pier 1 will begin the closing process this weekend across the US. They will also sell their remaining assets, which includes its intellectual property and e-commerce business, during an auction on July 15.

In a statement, Robert Riesbeck, Pier 1’s chief executive and chief financial officer, says, “This is not the outcome we expected or hoped to achieve.” He also says, “This decision follows months of working to identify a buyer who would continue to operate our business going forward. Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of COVID-19, hindering our ability to secure such a buyer and requiring us to wind down.”

Luckily for shoppers, Pier 1 is going to have a Memorial Day Weekend sale. According to Instagram, they will have a 40 percent discount on all outdoor furniture.

 

Posted by Marc Charles

Marc Charles has worked in Radio since 2005. Marc has been active in media in Detroit, Ohio, Canada, and Florida. When he's not blogging for Money Talk Radio, he covers UFC. Follow Marc on social media @TheLegalManMarc & @TheOctagram.