Fort Worth’s Pier 1 Imports is going out of business. Stores will reopen to liquidate
The reopening of retail stores after the COVID outbreak will be a curtain call of sorts for Pier 1 Imports.
The Fort Worth-based business announced Tuesday that it is seeking bankruptcy court approval to wind down its business after failing to find a buyer that would continue to operate the company. The company filed for bankruptcy protection in February.
The company said it plans liquidation sales once stores can reopen in compliance with COVID-19 guidelines. Orders are still being processed through Pier1.com, the company said.
“We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades,” Robert Riesbeck, Pier 1 chief executive officer and chief financial officer, said in a press release.
“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,” Riesbeck said. “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 Imports was founded in California in 1962, and moved to Fort Worth four years later. The company was known for a variety of products — including rattan and beanbag furniture, candles and incense — that customers used to give their homes a personal touch.
But in the 2000s the company struggled to gain momentum as online ordering became popular, and lost ground to other mega-retailers such as Amazon, Walmart and Target.
“I’m so sad,” said Joy Rich of Fort Worth, who worked at Pier 1 from 1986-2007. “My whole house is decorated with Pier 1.”
Rich worked in the company’s public relations department, and also was in charge of “cause-related marketing” efforts with philanthropic organizations such as UNICEF, the Susan G. Komen Foundation and United Way.
“I think we were the pioneer in cause-related marketing,” Rich said, adding that she credited that publicity strategy to former CEO Marvin Girouard, who died earlier this year.
“He really believed in giving back,” Rich said, “and not just doing good but doing good because it’s the right thing to do, not just because it’s good business.”
This story was originally published May 19, 2020 at 10:07 AM.
