|pier one closing sale / COVID-19, 2020 / pier one imports|
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Pier 1 Imports, which previously said it would close half of its fleet of stores, now plans to close all of its locations.
The retailer, based in Fort Worth, Texas, announced in a news release Tuesday that it was seeking bankruptcy court approval to begin an “orderly wind-down” when stores are able to reopen "following the government-mandated closures during the COVID-19 pandemic.”
In January, Pier 1 said it planned to close up to 450 stores, or nearly half of its locations. It then filed for Chapter 11 bankruptcy protection in February.
Robert Riesbeck, Pier 1’s CEO and chief financial officer, said the company had been working to find a buyer to continue operating before the coronavirus.
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"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,” Riesbeck said.
Pier 1 is currently accepting orders on its website and said it will "initiate store closing efforts and liquidation sales once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials."
The company says it has approximately 541 U.S. stores and in the court filing says it plans to reopen some stores on or around May 22.
More retailers are expected to file for bankruptcy and more stores are expected to close because of the impact of COVID-19. J.C. Penney, which filed for bankruptcy Friday, said it plans to close 242 locations.
Pier 1 returns: What you need to know
The company said in its court filing that if its order is approved it will accept returns for the first 30 days from the date it is approved “so long as the return is otherwise in compliance with the Debtors’ return policies in effect as of the date such item was purchased.”
Returns of items sold in the liquidation sale of the company’s initial closing stores will not be accepted.
Pier 1 gift cards, loyalty certificates
Pier 1 has proposed that valid gift certificates, gift cards, and loyalty certificates issued previously will be accepted for 21 days from when the order is approved on its website. Then the gift cards and certificates would be accepted for the first 21 days “from the date of the reopening of any store” for in-person purchases only.