Liquidation sales will begin when locations reopen.
As four area Pier 1 stores in Jacksonville begin to reopen from COVID-19 closures, they will begin liquidation sales as the chain begins closing all of its locations.
Pier 1 Imports Inc. announced in a news release May 19 that it is seeking bankruptcy court approval to begin an orderly wind-down of its operations “as soon as reasonably possible” after stores reopen.
The home decor store has stores at 950 Marsh Landing Parkway in Jacksonville Beach; 4643 River City Drive in St. Johns Town Center; 9625 Crosshill Blvd. in Oakleaf Town Center; and in the Cobblestone Village shopping center in St. Augustine.
The Fort Worth, Texas-based company announced then it was filing for Chapter 11 bankruptcy protection as it pursued a sale of the company.
The company wasn’t able to find a buyer for the business and will sell its inventory, remaining assets, intellectual property and e-commerce business, the May 19 release said.
“We deeply value our associates, customers, business partners and the communities in which we operate, and this is not the outcome we expected or hoped to achieve. This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Pier 1 Imports CEO and CFO Robert Riesbeck said in a release.
“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.”
According to its website, it is extending temporary store closures until further notice.
The chain is still operating at pier1.com for online orders.