Pier 1 to permanently close all of its U.S. stores

Pier 1 Imports is the latest retail victim of the coronavirus pandemic, announcing on Tuesday it is seeking bankruptcy court approval to start an "orderly wind-down" of its operations.

The retailer was struggling before the pandemic; the company filed for Chapter 11 bankruptcy protection in February, one month after saying it planned on closing up to 450 locations. Pier 1 has about 541 U.S. stores, and will hold liquidation sales once they can reopen.

Pier 1 CEO and CFO Robert Riesbeck said in a statement the company spent "months 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."

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This was "not the outcome we expected or hoped to achieve," he said, and the company remains "grateful to our dedicated and hardworking associates, millions of customers, and committed vendors who have collectively supported Pier 1 for decades."