Pier 1 is done

May brought the final chapter in a long saga for beleaguered home goods retailer, Pier 1. The Fort Worth-based company confirmed that it will go out of business, shuttering their 540 stores and closing their ecommerce website.

Signals of Pier 1’s distress go back quite some time, with particularly alarming signs appearing over the previous holiday season. LinkUp’s own jobs data identified significant job listing declines that defied typical seasonal retail patterns. The news didn’t improve from there, with the announcement of a Chapter 11 filing arriving in February. At the time, plans entailed a closure of 450 stores (including all stores in Canada) as well as two distribution centers. By late February, 400 of those stores had already shuttered or had begun going out of business sales.

In the pre-COVID landscape, the demise of retail was experienced as a bifurcation; with mid-range companies struggling and both the high and low end showing either stability or growth. But in this new climate, we’re not only bleeding from the middle – the pain is hitting every segment, from premium to price-conscious. The exception seems to be low-price retailers offering household essentials, like Dollar Tree, who has seen increased job listings amid the pandemic.

As for Pier 1’s remaining inventory, going-out-of-business sales will extend to all 540 locations as soon as it can reopen locations temporarily closed due to the pandemic. Sales are currently underway at pier1.com with the website expected to remain operational until July 2020. Deadline for bids for the remaining assets would be July 1, with a July 8 auction date and a July 15 sale hearing.

As for that pesky “Retail Apocalypse” – we’ll keep you posted.

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