Pier 1 Imports — the stylish residence items retailer that offered scented candles and wicker baskets to a era of yuppies — has turned off the lights.
The model that after challenged customers to look “beyond the beige” filed for bankruptcy in February after years of lackluster gross sales. According to court docket paperwork, the corporate deliberate to shut tons of of shops and then reopen. But it introduced in May it was winding down its complete enterprise and promoting off its remaining stock due partially to the coronavirus pandemic.
Pier 1 CEO Robert Riesbeck mentioned in court docket papers that the corporate was the sufferer of a “perfect storm” created by a myriad of components which have modified the way in which customers and retailers work together.
But analysts say altering client tastes, an inflow of new rivals and a number of key choices by administration led to the corporate’s downfall.
So after greater than half a century in enterprise what actually led to Pier 1’s chapter? And who has probably the most to realize from its fall?