Pier 1 Imports Is Winding Down
Pier 1 Imports had a plan to close about half of the stores in its fleet and find a buyer after its bankruptcy to continue operations. Then the coronavirus hit. Now, with its hopes of a sale dashed, the home furnishings retailer is planning to wind down, closing all its stores. Stores slated for closure will begin the process of liquidation sales once they reopen in accordance with local government mandates. Meanwhile, analysts are predicting more bankruptcies and store closures to come.
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.