Pier 1 Imports is calling it quits.
The bankrupt home-goods retailer has asked a court for permission to liquidate its remaining 540 stores once they reopen, ending a 58-year legacy of selling colorful glassware, wicker furniture and other home decor.
“This is not the outcome we expected or hoped to achieve,” 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.”
“Unfortunately, the challenging retail environment has hindered our ability to secure such a buyer and requiring us to wind down.”
The Fort Worth, Texas-based retailer filed for bankruptcy protection in February, pushed to the brink by increasing competition from online home furnishing giant Wayfair.com, Target and Walmart.
Pier 1 plans to sell its remaining assets, including its intellectual property and e-commerce business, during a court-supervised auction.
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