May 19 (UPI) -- Pier 1 Imports plans to shutter all of its retail operations three months after declaring bankruptcy, the company announced Tuesday.
The retailer said the economic impact of the novel coronavirus pandemic contributed to its existing financial woes.
"This decision follows months of working to identify a buyer who would continue to operate our business going forward," CEO Robert Riesbeck said in a statement. "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."
The Fort Worth, Texas-based company said it plans to begin the "wind-down" of business by selling its inventory and remaining assets once store locations are able to reopen. State governments temporarily closed non-essential businesses earlier this year as part of mitigation efforts to halt the spread of COVID-19.
Pier 1 Imports said it will also work to sell its intellectual property and e-commerce business. Online retail orders are still being fulfilled through the company's website for the time being.
Competition from online stores and larger stores like Target and Walmart have hit the home goods sector.