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Pier 1 Imports — one of America’s best arresting home-decor chains — is packing it in.
The company, accepted for its bright accouterments and cobweb furniture, declared defalcation in February. The coronavirus communicable affected acting closures of its about 540 food and abject its hopes of a recovery.
“This accommodation follows months of alive to analyze a client who would abide to accomplish our business activity forward,” Pier 1’s CEO and Chief Financial Officer Robert Riesbeck said in a statement. “Unfortunately, the arduous retail ambiance has been decidedly circuitous by the abstruse appulse of COVID-19, adverse our adeptness to defended such a client and acute us to wind down.”
Pier 1 is now allurement the defalcation cloister to accept “an alike wind-down” as anon as its food are able to reopen. That would accommodate a complete auction of its inventory, bookish acreage and added assets through a court-supervised process.
The chain, which started with a distinct abundance in 1962, was already on clue to bisect its abundance count. It’s been disturbing to attempt adjoin a ascent course of home-decor offerings, generally at cheaper prices, by competitors such as Target, Walmart, Amazon, Wayfair and TJ Maxx.
The coronavirus communicable has devastated “nonessential” retail food and cut sales at appliance and home accoutrement food by added than half.
“Our aboriginal barter were post-World War II babyish boomers attractive for beanbag chairs, adulation chaplet and incense,” Pier 1’s online history says. “Pier 1 has agitated a advanced alternative of commodity through the years, from chocolate-covered all-overs to accouterment curve to life-size Spanish apparel of armor.”
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