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.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Quiz of The Week: 25 - 31 JanuaryHave you been paying attention to The Week's news?
-
The Week Unwrapped: Are our phones fuelling a Congolese militia?Podcast Plus, what's behind a spate of hate crimes in Australia? And why is carbon monoxide the new 'drug' of choice for cyclists?
-
Peter Florence shares books that spark debateThe Week Recommends Co-founder of Hay Festival chooses works by Robert Macfarlane, Marion Turner and others
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
