11/19/2023 0 Comments 1 pierStandard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account (TUES), a discount home good chain with around 700 stores, filed for bankruptcy last week. It’s becoming increasingly tough for smaller retailers to compete against them, especially this year when their larger competitors didn’t have to close their stores during the pandemic. (TGT) and Walmart, strengthening their home goods offerings. It once had more than 1,000 stores, but has struggled in recent years because of online competition and big-box chains, like Target The company filed for bankruptcy in February following years of decline. Orders placed on its website, which is currently promoting a going-out-of-business sale, will continue to be fulfilled. (PIRRQ) said it plans to sell its website and intellectual property in July. It decided that an “orderly wind-down is the best way to maximize the value of Pier 1’s assets.” The retailer asked asked a federal judge last week to close the Pier 1 brand “as soon as reasonably possible” because of the pandemic and failing to find a buyer to rescue the nearly 60-year-old company. “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,” said CEO Robert Riesbeck in a release. Pier 1 aims to have all its stores permanently shuttered by October. Its stores have temporarily closed because of Covid-19. The troubled home goods retailer had its plans authorized Friday to begin liquidation sales across its 500 remaining stores once they can reopen. Pier 1 is officially closing up shop after receiving approval from a bankruptcy court to cease and liquidate its retail operations.
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