Pier 1 Imports to close all stores

Pier 1 Imports, the home store known for its candles, bright dishes and trendy furniture, announced Monday it will close all 541 stores across the nation, including 10 in Colorado.

The company wants to liquidate its merchandise as a soon a possible once its stores are allowed to reopen from closures caused by the coronavirus pandemic, according to a company news release. Pier 1 filed for bankruptcy protection earlier this year but was unable to find a potential buyer. With a struggling retail sector and the uncertainty surrounding the pandemic, the company decided it had no choice but close its stores, the Fort Worth, Texasbased company said in the news release

Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer said in the release, “We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades. 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. 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 hold storeclosing sales once its locations can reopen. While stores in Colorado have been allowed to open under specific guidelines, Pier 1’s outlets remains closed, according to their various websites. The company’s online sales continue.

Pier 1 was founded in 1962 with a single store but in recent years, its sales have fallen as it struggled to compete with online retailers Wayfair and Amazon, which sell sofas and coffee tables at a lower price and deliver them quickly. The pandemic has quickened the pace of bankruptcy filings and closures for struggling retailers, including J.C. Penney and J.Crew.

The Associated Press contributed to this report.