The popular chain of decoration stores Pier 1 Imports announced that it will definitely close its doors after the coronavirus pandemic .
According to NPR, the company filed for bankruptcy in February . Then came the pandemic, forcing some 540 stores to close temporarily and virtually eliminated the chances of a recovery.
Robert Riesbeck , chief financial and executive officer of Pier 1 , said the decision comes after several months of trying to find a buyer .
“Unfortunately, the difficult retail environment has been significantly aggravated by the profound impact of COVID-19 , preventing us from securing a buyer and forcing us to (close),” it said in a statement.
The company requests the Bankruptcy Court to approve a plan for the ordered dissolution once the doors reopen, which would include the liquidation of its inventory and the sale of its intellectual property and other property through a process supervised by the courts.
The store founded in 1962 was originally going to close half of its stores , as it had not been able to compete with the low prices offered by Target, Walmart , Amazon , Wayfair and TJ Maxx , among others.