In February Pier 1 filed for Chapter 11 bankruptcy protection in hopes to find a buyer. This came just after their announcement in January that stated the company would close about 50% of its stores.
Finding a buyer during a time of uncertainty has proven difficult, and they’ve failed to find one. Today, they requested court approval to shut down all of their stores – permanently.
The impact of the coronavirus pandemic has hindered the companies ability to stick to the original plan. In the press release made on Tuesday, Pier 1’s CEO and CFO, Robert Riesbeck stated, “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,”
The new proposal aims to close all remaining stores in an ‘orderly wind-down’. The motion filed is seeking approval by the Bankruptcy Court to close all stores as quickly as possible – once they are allowed to re-open. They will continue to seek a buyer for the intellectual property and e-commerce portions of the business.
Pier 1 plans to begin liquidation sales at stores as soon as they are open. The plan is to have all stores closed by early Fall 2020. They have proposed July 1, 2020 as the deadline for asset bids with a July 8, 2020 auction date to finalize the shutdown.
After 58 years in business, Pier 1 will close the doors of all remaining 540 stores. As each store re-opens following the COVID-19 shutdown, you can expect to find markdowns on everything in the store.
To find the best deals, you’ll need to shop in-store. The sooner those stores can clear their inventory, the sooner they can close. This will mean big savings and last-chance deals.
Typically, liquidation stores start with store-wide sales. Everything is discounted by a certain percentage and as the days pass the percentage continues to rise.
Be aware that if you find an item you love, waiting for the discount to go up may not be your best option. Once the inventory is depleted, it is typically not re-stocked.
If you don’t have a Pier 1 store near you, you can still find some amazing deals on their website. Their site-wide Memorial Day sale is happening now with deep discounts on everything. The sale features 40% off outdoor furniture and wall decor, as well as, savings on everything else.