Pier 1 Asks Bankruptcy Court to Close Remaining Stores as Soon as Possible

On Tuesday, three months after filing for bankruptcy, Pier 1 is asking a bankruptcy court to close its stores, "as soon as reasonably possible." CNN reports that the the company cites coronavirus store closures and failure to locate a buyer. The 58-year-old company said in February that it was closing about 450 stores across the U.S. and Canada. There are over 500 stores still open. "Ultimately, due to the combination of a challenging retail environment and the new reality and uncertainty of a post-Covid world, the company and its advisers determined that an orderly wind-down is the best way to maximize the value of Pier 1's assets," the company said. Pier 1 says it will sell its intellectual property, inventory and website.Read more here