CAPITOLA—Pier 1 Imports announced Tuesday that it will close all 540 of its stores nationwide, sell its inventory and liquidate its assets.
The sales will begin at the Capitola store as soon as the Santa Cruz County Health Department allows it to open.
The company’s website is currently running.
As part of the wind-down, the company also plans to sell its intellectual property and e-commerce business through the court-supervised process.
The announcement came after the Fort Worth, Texas-based company filed for bankruptcy.
Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer said that the closure comes after months of unsuccessfully trying to find a buyer. That process was made more difficult, Riesbeck said, by “the profound impact of Covid-19.”
“We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades,” he 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.”
Pier 1 has proposed July 1 as the asset bid deadline, July 8 as the auction date and July 15 as the sale hearing date.
For information, visit dm.epiq11.com/Pier1