Three months after filing for Chapter 11 bankruptcy protection and four months after announcing plans to close half its stores in the United States and Canada, Pier 1 Imports Inc. now plans to close all its stores.
The Fort Worth, Texas-based home-furnishings importer had included its Boulder store at 2530 Arapahoe Ave. as one that would be closed, along with stores in Avon, Colorado Springs and Littleton, but had planned to retain stores at 4336 S. College Ave. in Fort Collins and at 1695 Rocky Mountain Ave. in Loveland.
Now, those stores, too, will be closed, along with all of the company’s retail operations, according to a press release issued Tuesday. The company filed a motion in U.S. Bankruptcy Court in the Eastern District of Virginia to wind down its retail operations.
“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,” Robert Riesbeck, Pier 1 CEO, said in the press release. “This decision follows months of working to identify a buyer who would continue to operate our business going forward. 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 intends to launch liquidation sales as it shuts down the stores.
Its debtor-in-possession lenders have authorized the company to access $40 million to support the company’s operations through the wind-down period.
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