COVID-19 continues to claim retail victims. Just before the pandemic began to spread across the US, Pier 1 filed for Chapter 11 bankruptcy. At the time of the filing, the retailer said it was in talks with several potential buyers that could acquire it out of bankruptcy.
In a new filing the company has announced those talks failed and that it is going out of business. All 540 of its stores will close following liquidation sales.
Separately, another struggling retailer, JCPenney, released more information about its bankruptcy in a Monday filing. It plans to close 242 of its stores out of a total of 846.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
