COVID-19 ‘Finishes Off’ Troubled Pier 1 Imports Stores-Bankruptcy
A story from January showed the chain was in financial trouble, trying to find a buyer. Now they're in bankruptcy court, with a more serious outcome expected. (Image courtesy of Tri City Area Journal of Business).
Pier 1 Imports has announced they've entered into bankruptcy, according to Business Insider, but this new procedure involves an orderly wind down of retail operations, according to BI. The news broke out Tuesday May 19.
In January it was said some 450 stores would be closed, but no lengthy timetable was set. Now as soon as stores are able to be opened post-COVID, the chain plans to resume operations, and then close stores. Will likely feature large sales to liquidate inventory.
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Back in February, the Tri City Area Journal of Business reported on the January liquidation of stores, but at that time, the Kennewick store was not on the list. However, with this new process, it is not known if all the stores will be closed. The language in the filing certainly appears that way.
Once such stores are allowed to re open due to COVID, the sales and wind down will begin. No word on how long a lease the Kennewick store has.