File photo
File photo
Pier 1, the retail chain famous for its wicker chairs and bamboo furniture, is permanently closing its 540 stores due to the economic impact of the COVID-19 lockdowns.
According to CBS Channel 11, the Texas-based company says that upon looking for a buyer for its business, the search was unfruitful. The company went up for sale after it filed for bankruptcy protection this year.
The chain says that going-out-of-business sales will commence when it is allowed to reopen the stores. Like many other retail chains, the company temporarily shut down operations due to the coronavirus crisis.
According to USA Today, many companies are filing for bankruptcy and permanently closing due to the economic backlash of the pandemic. Retail stores all over the nation are feeling the sting from the coronavirus woes.
According to the report, fashion chain J. Crew Group and luxury department store retailer Neiman Marcus Group are among 13 retail chains who filed for bankruptcy amid the financial wreck.
Alerts Sign-up