In very sad news, longtime Fort Worth-based Pier 1 Imports is calling it quits. The company has begun what it calls an "orderly wind-down" of its retail operations. This includes three Austin-area stores.
The company is shutting down after having filed for Chapter 11 bankruptcy protection in February, in the hopes they'd be purchased by someone who would continue operating the business. But no suitor arrived.
In good news for shoppers, they'll go out with a big liquidation sale. Over the next two to three months, they plan reopen a few locations to sell off their inventory and other assets.
At one point, they had more than 1,000 locations, but closed nearly half of those in the past year.
CEO Robert Riesbeck said in a statement that this was "not the outcome we expected or hoped to achieve."
"This decision follows months of working to identify a buyer who would continue to operate our business going forward," Riesback said. "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."
As the Fort Worth Star-Telegram notes, Pier 1 Imports was founded in California in 1962, and moved to Fort Worth four years later.
But they always retained their chill California hippie vibe, with cool, beachy rattan furniture, candles, and stuff that felt upscale but was affordable.
"We are grateful to our dedicated and hardworking associates, millions of customers, and committed vendors who have collectively supported Pier 1 for decades," Riesback said.