Pier 1 going out of business, all stores closing
NEW YORK (AP) — Pier 1, the seller of wicker chairs and scented candles, said it will go out of business and permanently close all 540 of its stores.
The Fort Worth, Texas-based company said Tuesday that it was unable to find a buyer for its business after filing for bankruptcy protection earlier this year.
It will start going-out-of-business sales as soon as it can reopen stores that have been temporarily shut due to the coronavirus pandemic.
Pier 1 has struggled to compete with online retailers like Wayfair and Amazon, which sell sofas and coffee tables at a lower price and are delivered to doorsteps quickly.