Corpus Christi Pier 1 liquidation sale to begin soon
Decorators looking for eclectic home décor will have to find another source now that Pier 1 Imports Inc. has filed for bankruptcy. The company plans to close all of its locations, including the one in Moore Plaza at 5317 South Padre Island Drive in Corpus Christi. That store has been closed since March 23 due to COVID-19 restrictions.
Based in Fort Worth, the company has been in business for 60 years. Earlier this month, the company announced it was restructuring in an effort to reopen by June 1. It now hopes to sell its intellectual property and e-commerce business while closing its 540 retail locations.
“It is now clear that Pier 1’s future does not involve any brick-and-mortar retail locations,” reads part of the bankruptcy court papers.
Stores are expected to reopen for liquidation sales by the end of May or the first of June. Several potential buyers are contemplating bids, which are due no later than July 1.
Another major retailer, J.C. Penney Co. also recently filed for bankruptcy. That company hopes to settle with creditors in a final bid to remain profitable and keep its doors open. J.C. Penney is an anchor store at La Palmera mall, 5488 South Padre Island Drive.
Bealls, which was in the process of switching to Gordmans discount store, is also closing its doors, including the locations in Corpus Christi.
J. Crew Group Inc. and Neiman Marcus are also in bankruptcy proceedings. Neither has a retail location in the Coastal Bend.
As for Pier 1 Imports, the company claims to be filling online orders, though, according to comments on the Corpus Christi store’s Facebook page, that order fulfillment and company response has slowed to a crawl. A hearing to authorize the process of closing out the stores will be held in the U.S. Bankruptcy Court in Richmond, Virginia, on May 29.
Find more articles like this in News