Pier 1 Imports gets approval from a judge to liquidate its remaining stores

• Pier 1 Imports is winding down its business.
• "This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1," CEO Robert Riesbeck said in a statement.
• The company plans to finish liquidating stores by October, once it can safely reopen.

Pier 1 Imports is shutting down its business after the US Bankruptcy Court for the Eastern District of Virginia approved its request to wind down its operations.

"This is not the outcome we hoped for when we began this process, and we are deeply saddened to move forward with winding down Pier 1," CEO Robert Riesbeck said in a statement. "We are incredibly grateful to everyone who has supported Pier 1 since the Company's inception nearly 60 years ago, including our committed associates, passionate customers and talented vendors."

The retailer previously filed for Chapter 11 bankruptcy protection in February, after announcing roughly 450 store closures, according to Business Insider's Madeline Stone. The retailer failed to attract a buyer for its business, which has been affected by the coronavirus pandemic.

"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," Riesbeck previously said.

Pier 1 will be selling its assets, including its intellectual property and e-commerce business by mid-July.

The company also intends to open store locations once local authorities lift the coronavirus restrictions, and plans to finish all of its liquidation sales by October. Customers will still be able to make purchases through its website, Pier1.com, and current orders will still be processed and filled, the company said.