For decades, Pier 1 was one of the best accepted home places to boutique for cute, colorful, and affordable home appurtenances and decor. Sure, their acceptance had waned a little with the acceleration of e-commerce goliaths like Amazon. But they were still around, still a prime atom to snag super-cute Papasan cushions or, like, salt-and-pepper shakers that attending like llamas. But now, due to bread-and-butter ache from the coronavirus pandemic, the banker is acutely packing it in.
Although they filed for defalcation aback in February, the achievement remained that Pier 1 would be able to recover. With COVID-19 continuing to wreak calamity on the economy, though, the home-decor alternation has absitively to abutting all 540 of their food for good.
“This accommodation follows months of alive to analyze a client who would abide to accomplish our business activity forward. 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’s CEO/CFO Robert Riesbeck appear in a statement.
So, what happens next? Currently, Pier 1 food beyond the nation are already bankrupt briefly in accordance with assurance guidelines. Once they are able to reopen, the aggregation will activate an “orderly wind-down.” That agency affairs off all account and any added assets via a court-supervised process.
It’s the latest abortive end of a “non-essential” abundance in the face of the pandemic. If it feels like Pier 1 has consistently been around, well, it finer has for abounding of us — it was founded in 1962. On its website, the aggregation describes its aboriginal barter as “post-World War II babyish boomers attractive for beanbag chairs, adulation beads, and incense.”
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From the onset, they acutely had their eye on a specific chump demographic: counterculture youth, bodies attractive for bargain home appurtenances with arbitrary agreeableness and endless of personality. Thus answer their “wide alternative of commodity through the years, from chocolate-covered all-overs to accouterment curve to life-size Spanish apparel of armor.”
It goes after adage that Pier 1 isn’t the alone aggregation ambidextrous with the abrogating furnishings of the communicable lockdown. Abounding above retailers accept filed for bankruptcy, and several — including J.C. Penney, Sears, and Nordstrom — assume to be in absolute crisis of adversity the aforementioned fate as Pier 1.
See the aboriginal commodity on ScaryMommy.com
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