Pier 1 wants to close all of its stores for good
The final nail is being driven in Pier 1's wicker casket: It's on the verge of shutting down completely three months after it filed for bankruptcy.
Pier 1 announced Tuesday that it's asking the bankruptcy court to cease its retail operations "as soon as reasonably possible." It blames temporary store closures caused by coronavirus and failing to find a buyer for the drastic decision.
The 58-year-old company said it analyzed alternative ways to remain in business but liquidation is the best option.
"Ultimately, due to the combination of a challenging retail environment and the new reality and uncertainty of a post-Covid world, the company and its advisers determined that an orderly wind-down is the best way to maximize the value of Pier 1's assets," the company said in a press release.
https://www.msn.com/en-us/money/companies/pier-1-wants-to-close-all-of-its-stores-for-good/ar-BB14j9Jn?li=BBnbfcN
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