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Nearly 60 years after its first store opened -- and three months after filing for bankruptcy -- the company announced Tuesday that it wants to close all retail operations "as soon as reasonably possible."
The explosion in online shopping, intense competition from larger chains and the coronavirus pandemic "are requiring us to wind down," Robert Riesbeck, Pier 1’s chief executive and chief financial officer, said in a statement.
"This decision follows months of working to identify a buyer who would continue to operate our business going forward," Riesbeck said.
The Fort Worth, Texas-based company filed for bankruptcy and closed some stores in February -- including those on Route 4 in Paramus and in Edgewater and East Hanover.
It had more than 1,000 stores nationwide last year but now is down to nearly 500.
Pier 1 joins the list of name retailers -- JCPenney, Neiman Marcus and J. Crew, among them -- who've all filed for bankruptcy recently.
"Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of COVID-19, hindering our ability to secure such a buyer," Riesbeck said.
The company hopes to sell its intellectual property and e-commerce business, officials said. It will begin liquidating assets as soon as coronavirus lockdowns are lifted.
"We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades," Riesbeck said. "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."
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