Pier 1 Imports Inc.'s (OTC: PIRRQ) Springfield store is slated to shutter, along with the company's 540 other locations nationwide, amid the home furnishings and decor retailer's bankruptcy proceedings.
The Fort Worth, Texas-based company yesterday announced the planned closures, as well as intentions to sell its inventory and remaining assets.
"This decision follows months of working to identify a buyer who would continue to operate our business going forward," Pier 1 CEO and Chief Financial Officer Robert Riesbeck said in a news release. "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.”
Store liquidation sales are scheduled to begin once they can reopen amid coronavirus shutdown rules. A call to the Springfield store – at 3110 S. Glenstone Ave. in the Battlefield Square Shoppes – led to a voice message indicating it's "temporarily closed until further notice." It's unclear when the local store would reopen for the liquidation of its inventory.
Officials are asking the bankruptcy court to set July 15 as the sale hearing date for the company's assets, including its intellectual property and e-commerce business, according to the release.
Pier 1 filed for bankruptcy in February with plans to seek a buyer. The company has operated in Springfield since at least 2000, when it relocated to its current location from Morris Corners, according to Springfield Business Journal archives.
Similarly, the Springfield Gordmans store is slated to shutter as its parent company, Stage Stores Inc. (NYSE: SSI), navigates bankruptcy proceedings. A liquidation sale recently started at the 1425 E. Battlefield Road store.
The Nov. 8 passage of Amendment 3, for which supporters asked Missouri voters to approve recreational weed, is likely to open the floodgates for both increased sales and workforces within the burgeoning marijuana industry, officials say.