On May 19, Pier 1 Imports filed for bankruptcy. 

In a release, the company said they intend 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."

The company still intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business.

Robert Riesbeck, Pier 1’s Chief Executive Officer and Chief Financial Officer said, “We are grateful to our dedicated and hardworking associates, millions of customers and committed vendors who have collectively supported Pier 1 for decades. We deeply value our associates, customers, business partners and the communities in which we operate, and this is 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. 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.”