Fort Worth-based Pier 1 filed a motion Tuesday seeking to wind-down the company's retail operations as part of its bankruptcy proceedings.
The retailer filed for Chapter 11 bankruptcy in February, about a month after announcing it was closing 450 stores nationwide.
As part of the wind-down, the company plans to sell "its inventory and remaining assets, including its intellectual property and e-commerce business," the retailer announced Tuesday.
Because of the challenges the company already faced, combined with the "uncertainty of a post-COVID world," the retailer said the wind-down is the best way to "maximize the value of Pier 1's assets."
Once Pier 1 stores can reopen, the company will start permanently closing the locations and sell off its products.
Pier 1 has been struggling with increased competition from house goods online retailers. In a 2018 presentation to investors, the company acknowledged that shoppers thought its merchandise was outdated and expensive.
The move to wind down was prompted by the company's inability to find a buyer.
"This decision follows months of working to identify a buyer who would continue to operate our business going forward," said CEO Robert Riesbeck in a written 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."
In bankruptcy proceedings, the company has recommended July 1 as the asset bid deadline, with a July 8 auction date and July 15 as the sale hearing date.