Pier 1 to Close All Stores, Will Wind Down After Reopening When Permitted
Pier 1 will close all its retail stores, the Texas-based home furnishings and decor company announced Tuesday.
The company operates one location in Northern Kentucky, in Florence on Mall Road.
According to a news release from the company, Pier 1 plans to sell its inventory and remaining assets, including its intellectual property and e-commerce business. It also stated that it would reopen its stores in local communities when health guidelines permit. Retail has been shuttered across the country, but is starting to reopen amid the coronavirus pandemic. In Kentucky, retail operations are permitted to reopen on Wednesday, with 33 percent customer capacity allowed inside an establishment.
The company said that it would begin the process of liquidation sales when locations open. It was not publicly announced whether the Florence location would reopen on Wednesday.
“We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades," said Robert Riesbeck, Pier 1’s chief executive officer and chief financial officer. "We deeply value our associates, customers, business partners, and the communities in which we operate, and this is not the outcome we expected or hoped to achieve.
"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.”