Pier 1 Closing All Stores
The latest store to file for bankruptcy and going out of business is Pier 1 Imports. This seems to be the trend because of a variety of factors including the coronavirus pandemic. I have always loved Pier 1 Imports. I still have three or four things in my apartment from that store that I bought years ago. There's a coffee table, lamp, candles and holders, and an ornate vase. I will be sad to see Pier 1 Imports close forever.
The pandemic and online shopping have forced Pier 1 Imports to file for bankruptcy. According to ABC News, Pier 1, with stores in the Capital Region, will be closing all five hundred forty of its retail stores.
Pier 1 Imports had filed for bankruptcy protection earlier this year hoping someone would take over the company. But there were no takers. Pier 1 says that due to online retailers like Wayfair and Amazon that sell furniture cheaper and offer free and quicker delivery, they could not compete.
Once Pier 1 is able to reopen their stores following the coronavirus pandemic, they will begin the process of their going-out-of-business sales. At the height of their business, Pier 1 Imports had twelve hundred stores.
There are three Pier 1 Imports located in the Capital Region. There is one on Wolf Road in Colonie, Route 50 in Saratoga, and near Clifton Park Center in Clifton Park.
Pier 1 Imports is just another retailer that has filed bankruptcy and is closing its stores. JC Penney also announced store closures this week.