66 East Main Street, 3rd Floor Little Falls, NJ 07424

Rough Waters Did Not Make Pier 1 a Good Sailor

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Background:

  • Single store in 1962
  • Started by selling old beanbag chairs and love beads to hippies in California.
  • Grew to  offer just about anything for the home, from lounge chairs to curtains
  • At its height, Pier 1 had more than 1,200 stores.

Outcome:

  • Filed for Chapter 11 earlier this year in hopes of creating some financial stability
  • Could not find a buyer
  • Closing all 540 stores permanently
  • Could not compete with on-line businesses
  • COVID’s impact just intensified their dire financial woes.  

Bankruptcy may be the only option not only for businesses but also individuals as we move forward.