Report: Pier 1 Imports tried to sell company, but no one was interested

A New York Post report, citing U. S. Bankruptcy Court documents, says Pier 1 Imports, which announced earlier this week that it would close its 540 stores, including the one on Range Line in Joplin, tried to sell the stores after it filed for bankruptcy in February, but no one was interested.

The attempted sale came after the company had closed nearly 400 stores in an effort to stay afloat.

At the beginning of this year, Pier 1 had 936 stores and had hoped that closing half of them in bankruptcy would be a linchpin to its reorganization. But the coronavirus quashed the company’s ability to restructure, according to court documents.

“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” (Pier One Imports CEO Robert) Riesbeck 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.”

Pier One Imports had been in business since 1962.