CORAL SPRINGS, FL – Pier 1 Imports on Tuesday became the latest national chain to announce that it’s closing stores in the future.
The seller of wicker chairs, scented candles, and other home décor with a store next to Coral Square Mall in Coral Springs said Tuesday it will go out of business and permanently close all 540 of its stores by the end of the year.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Pier 1 CEO Robert Riesbeck said in a statement. "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.”
The chain joins other retail companies -- including JCPenney last week – in seeking court action to shut down or file for bankruptcy protection as long-simmering financial troubles in the retail industry were worsened by a dramatic reduction in revenue from the coronavirus crisis.
JCPenney, which has a store in Coral Square Mall, announced in a filing that up to 30 percent of its 846 locations would shut down by the next fiscal year. Nearly 200 stores are expected to close this year and another 50 the following year. Company officials didn’t specify which stores were closing and when.
Similar problems are facing the restaurant industry.
Restaurant chains with locations in Coral Springs including Sweet Tomatos, Metro Diner, and TooJays recently announced plans to either close down permanently or seek bankruptcy protection.
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