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The Journal Publications will be operating remotely effective Thursday, March 19, 2020.

May 20, 2020

Pier 1 Planning to Close All Remaining Stores after Bankruptcy Declaration

Pier 1, the home decor retail chain founded in 1962 which began by selling bean bag chairs and love beads to hippies, has planned to close all of its remaining stores.

Earlier in the year, Pier 1 announced the closing of 450 stores while filing for chapter 11 bankruptcy. However, according to Business Insider, the retail chain has announced its plans to close their remaining 540. There have been confirmed shutdowns of the Ocean Township store on Route 35, as well as the Howell Township location on Route 9. Both have been removed from the Pier 1 website. According to a manager at the Ocean Township location, a final closing date has not been determined.

Pier 1 in The Commons at Holmdel

The Journal was not able to confirm the Holmdel store’s status and closing date, however, if plans are approved to close all stores, Holmdel will be included. The Holmdel Pier 1 located in The Commons at Holmdel has been closed due to COVID-19 since March 21 when Gov. Phil Murphy ordered the closing of all non-essential businesses. 

“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,” Robert Riesbeck, Pier 1’s chief executive officer and chief financial officer, said in a statement Tuesday.

The liquidation sales will begin once stores are allowed to reopen since being closed due to the pandemic. It is unconfirmed at this time if the store will offer curbside pick-up, as many in the area are.

According to a Pier 1 announcement, the chain filed a motion on May 18, “seeking court approval to begin an orderly wind-down of the company’s retail operations as soon as reasonably possible after store locations are able to reopen following mandated closures during the COVID-19 pandemic.”

The corporation will continue to sell inventory on its website.