The pandemic has claimed another business casualty. Pier 1 Imports, with a store in Springfield, said it is permanently winding down business after it was unable to find a buyer due to the COVID-19 pandemic, reports Lauren Thomas for NBCnews.com.
The home goods retailer said Tuesday it is seeking bankruptcy approval to entirely shut down.
The company will sell its inventory, remaining assets, intellectual property and online operations “as soon as reasonably possible” for stores to reopen for liquidation.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Chief Financial Officer Robert Riesbeck said in a 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 and requiring us to wind down.”
Pier 1 filed for bankruptcy protection in February. It was going to close half of its locations, about 450 shops, including the store in Springfield, as it looked for a buyer for the remaining stores.
But the pandemic has decimated the retail landscape, forcing places like Neiman Marcus, J.Crew, and J.C. Penney to file for bankruptcy.
Read more about Pier I’s closing here.
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