Pier 1 to go out of business and close all 540 stores

Source: AP Photo / Nati Harnik
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NEW YORK, N.Y. (AP) - Pier 1, the seller of wicker chairs and scented candles, said it will go out of business and permanently close all 540 of its stores.

The Fort Worth, Texas-based company said Tuesday that it was unable to find a buyer for its business after filing for bankruptcy protection earlier this year.

It will start going-out-of-business sales as soon as it can reopen stores that have been temporarily shut due to the coronavirus pandemic.

Pier 1 has struggled to compete with online retailers like Wayfair and Amazon, which sell sofas and coffee tables at a lower price and are delivered to doorsteps quickly.

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