Pier 1 to close all its stores, sell off all its assets
Grant Welker
The Pier 1 in Shrewsbury remains closed. Once it reopens, the company will begin selling off all its contents as part of its bankruptcy.
Pier 1 has announced it will close all of its stores as soon as it is able to open them as part of its bankruptcy proceeding. In Central Mass., this will impact the company’s Shrewsbury and Bellingham locations.
The company made the announcement in a press release on Tuesday. In addition to selling off its stores, it will sell off its intellectual property and e-commerce business through a court-supervised process.
Robert Riesbeck, Pier 1’s CEO and CFO, said company officials had sought a buyer to continue to operate the business, but due to a challenging retail environment and the impact of the coronavirus, they were unable to find such a buyer.
Pier 1 intends to initiate store closing efforts and liquidation sales once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials. In Massachusetts, retail stores are being allowed to open for curbside pickup only beginning May 25.
The company is currently continuing to serve online customers and orders are being processed and filled.
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