Pier 1 Imports Inc. Filed For Bankruptcy, Ending Company Retail Business

Fort Worth fashion furniture and Houseware supplier Pier 1 IM, headquartered in Dezhou, USA Ports Inc. said in May 19th (2020) that it had moved a motion to the bankruptcy court, hoping to close the company's retail business as soon as possible after the state resumed its economy.

Pier 1 filed for eleventh chapter bankruptcy protection in February 17th this year, and the company will auction. The deadline for bidding is March 23rd. However, it is affected by the outbreak, which hinders buyers' willingness and eventually closes.

Pier 1 was founded in 1962 in San Mateo, California. In 1966, its headquarters moved to Fort Worth, Dezhou. It was listed in 1970 and became one of the largest furniture stores in the United States. It has 1100 stores at most, and its sales volume is close to 2 billion US dollars. In 1990s, it opened stores in the UK and opened boutiques at Sears shopping center in Mexico. Pier 1 closed its Internet business in 2007, focused on retail outlets and restarted the Pier1.com in 2012.

In recent years, Pier 1 is facing not only the competition of Wayfair and Amazon network business, but also Walmart and Target constantly occupy the furniture market, Ikea has added second and third entity stores in the United States, and Home Goods of T.J Maxx has also expanded rapidly. At present, Pier 1 has 53 markets in Dezhou, and 900 cities in the US and Canada, and some of the stores have been permanently closed.