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(Reuters) – Home adornment and appliance banker Pier 1 Imports Inc said on Tuesday it has filed to seek defalcation cloister approval to wind bottomward its operations as the appulse of the COVID-19 communicable bedfast the adeptness for it to acquisition a buyer.

Pier 1, which operates about 541 food in the U.S., said in a account that it intends to advertise its account and actual assets, including its bookish acreage and e-commerce business, through a court-supervised process.

“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,” Chief Executive Officer Robert Riesbeck said.

Pier 1 said it will abide to serve its barter through its online operations, Pier1.com, and will alpha closing food and activate sales defalcation already food can reopen based on COVID-19 guidelines from bounded government officials.

The company’s debtor-in-possession financiers accept agreed to acquiesce the aggregation to amplify about $40 actor to abutment operations through the accord period, it added.

The Fort Worth, Texas-based aggregation had beforehand in the year in February filed for Chapter 11 defalcation aegis and was advancing a sale, a ages afterwards announcement affairs for up to 450 abundance closures and the shut bottomward of two administration centers.

Reporting by Rebekah Mathew in Bengaluru; Editing by Bernard Orr

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