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Pier 1 is done

Jun. 01, 2020

May brought the final chapter in a long saga for beleaguered home goods retailer, Pier 1. The Fort Worth-based company confirmed that it will go out of business, shuttering their 540 stores and closing their ecommerce website.

The company was hoping to find a buyer to reorganize remaining stores and keep the business alive, but the coronavirus pandemic dashed those hopes entirely. Pier 1’s Chief Executive Robert Riesbeck said, “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.”

With current business headlines brandishing snappy terms like “Retail Apocalypse,” it’s evident that Pier 1 is far from the only company subject to coronavirus’ impact. For retailers struggling before the pandemic hit, it’s a near certainty that they will fall for good in its wake. JC Penney, J. Crew, Neiman Marcus, Tuesday Morning and more have all filed for bankruptcy amid COVID-19. Though many have expressed plans to continue operations, Pier 1 is a potential harbinger of things to come.


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