(CNN/Gray News) – Pier 1 Imports is officially going out of business.
A court has approved its bankruptcy application.
Pier 1 can now begin to shut down retail operations in about 500 stores across the country.
“This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1,” CEO Robert Riesbeck said.
“We are incredibly grateful to everyone who has supported Pier 1 since the Company’s inception nearly 60 years ago, including our committed associates, passionate customers and talented vendors.”
The chain will begin liquidation sales as soon as stores can reopen during the pandemic. Customers can also shop online.
Pier 1 had more than 1,000 stores at one point, selling home goods like furniture, pillows and decor.
It has struggled in the face of online competition and big-box chains.
Pier 1 hopes to have all its stores permanently shut down by October.