Pier 1 announces closure

IDAHO FALLS, Idaho (KIFI/KIDK)-Pier 1 Imports announced Tuesday it has filed Bankruptcy Court approval to begin an orderly wind-down of its retail operations as soon as reasonably possible.

The company intends to sell its inventory and remaining assets, including intellectual property and e-commerce business, according to a news release from the Fort Worth, Texas company.

“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,” said Pier 1 Chief Executive Officer and Chief Financial Officer Robert Riesbeck.

The company’s lenders have agreed to let Pier 1 use $40 million to support continued operations through the “wind-down” period.

According to the news release, Pier 1 was founded with a single store in 1962.  There are currently 541 stores in the United States, including one in Idaho Falls.