Pier 1 Imports Announces That It Is Closing All of Its Stores
Back in January, we reported that the Pier 1 Imports' Princeton location was 1 of 450 stores nationwide that would be closing its doors.
Followed in February, with a report that the Pier 1 had filed for bankruptcy and was hoping to find a buyer to purchase the company.
That all happened before the U.S. and its economy had felt the full effects of the Coronavirus pandemic. Earlier today, according to a press release, Pier 1 Imports announced that it did not find a buyer and that it is seeking approval from bankruptcy court to liquidate all of its inventory and to close all of its stores.
The company said it researched alternatives to closing, but "due to the combination of a challenging retail environment and the new reality and uncertainty of a post-COVID world, the Company and its advisors determined that an orderly wind-down is the best way to maximize the value of Pier 1’s assets."
Pier 1 Imports has several remaining stores in our area, including locations in Hamilton Marketplace in Hamilton and East Gate Square in Mt. Laurel. (All stores in New Jersey are temporarily closed due to the Coronavirus, although the company's website, pier1.com, remains open).
The company says it "intends to initiate store closing efforts and liquidation sales once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials."
According to businessinsider.com, J. Crew, Neiman Marcus, and J.C. Penney are 3 other national retailers that have filed for bankruptcy during the pandemic.