Atmosphere during the Coronavirus Pandemic in NYC - 5/12/20

Photo by: John Nacion/STAR MAX/IPx 2020 5/12/20 A view of Pier 1 imports during the coronavirus pandemic on May 12, 2020 in Queens borough of New York City. COVID-19 has spread to most countries around the world, claiming over 270,000 lives with over 3.9 million infections reported.

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 company has operated a store in Kerrville, next to WalMart, for the last several years. 

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 traces to a single store in 1962 that sold beanbag chairs and love beads to hippies in San Mateo, California. It expanded to offer just about anything for the home, from lounge chairs to curtains, and it later adopted the logo: “From Hippie to Hip.” At its height, Pier 1 had more than 1,200 stores.

While Pier 1 made its announcement, JCPenney was mulling over a plan to close more than 200 stores nationwide, but it's unclear if the company will close its Kerrville location. 

The Plano, Texas, retailer said Monday that it plans to close about 192 stores by February 2021, and then 50 additional stores in the year after that.

That would leave the company with just over 600 stores.

Penney filed for bankruptcy reorganization on Friday, making it the biggest retailer to do since the coronavirus pandemic forced them to shut down all stores temporarily.

The pandemic has begun to fell some of the weakest companies as retail sales plunge. J.Crew and Neiman Marcus sought bankruptcy protection days before J.C. Penney. All three were already laden with debt and having trouble connecting with consumers.

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