Pier 1 Announces Closing All Of Their Stores Including Duluth
Pier 1 announced yesterday that they will are going out of business and will be closing all of their 540 locations. That of course includes the Pier 1 in Duluth located in the Stone Ridge Shopping Center. The store has been temporarily closed due to COVID-19, but it will re open it's doors at some point to offer a going out of business sale, according to ABC News.
Pier 1 Imports, based out of Fort Worth, Texas had filed for bankruptcy earlier this year on February 17th, 2020. Online sales from competing brands have hurt their business. The global COVID-19 pandemic has also been a significant contributing factor. They have not been able to find a buyer for the retail chain since the bankruptcy.
Back in January of 2020, Pier 1 Imports had announced a restructuring and closure of over 400 stores, but Duluth had been spared. Nationwide the retailer has seen a 10-20% loss in revenue year over year.
Pier 1 was best known for their home furnishings and decor, but with the massive availability of these items online, they join other brick and mortar stores who have struggled to adapt to the changing consumer habits. The COVID-19 pandemic seems to have been the final nail in the coffin.
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