Pier 1 to Permanently Shut Stores After Virus Upends Sale (1)

Pier 1 Imports Inc. said it would seek bankruptcy court approval to wind down its brick-and-mortar operations after the coronavirus pandemic made it difficult for the U.S. retailer to find a buyer.

The company said in a statement Tuesday it intends to sell its inventory and remaining assets, including its intellectual property and e-commerce business, through the court-supervised process. Pier 1 filed to begin an orderly wind-down “as soon as reasonably possible” after stores are able to reopen following government-mandated closures because of the pandemic.

“This decision follows months of working to identify a buyer who would continue to operate ...