Pier 1 Imports is permanently shutting down all of its stores in Canada
Pier 1 Imports announced on Tuesday that it will permanently shut down all of its 540 locations in Canada and the U.S.
The Texas-based home furnishings company previously filed for bankruptcy protection in February. Pier 1 said that it hoped to find a buyer for its stores, which included 50 locations in Canada and about 500 stores in the U.S. at the time.
Unfortunately, the company's efforts fell short.
(Dow Jones) - After nearly 60 years of selling home décor and accessories, Pier 1 Imports Inc. is permanently closing its retail stores in the wake of the coronavirus pandemic, though it hopes to sell its intellectual property and e-commerce business.— Carl Quintanilla (@carlquintanilla) May 19, 2020
"This decision follows months of working to identify a buyer who would continue to operate our business going forward," the company said in a statement.
"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."
Pier 1 Imports opened in 1962 and catered to "post-World War II baby boomers looking for beanbag chairs, love beads and incense," per the company website.
Over the past 60 years, the company has expanded to become one of the most iconic homeware brands in North America.
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