Pier 1 Imports announced plans Tuesday, May 19, to go out of business and liquidate all 540 stores once they are allowed to reopen.

The Fort Worth, Texas, company said in a news release it has filed a motion seeking bankruptcy court approval to begin "an orderly wind-down" of the company's retail operations as soon as possible after store locations are able to reopen following government-mandated closures during the COVID-19 pandemic.

"This decision follows months of working to identify a buyer who would continue to operate our business going forward," Pier 1 CEO and CFO Robert Riesbeck said in a news release. "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.”

There is a Pier 1 Imports store in Duluth and in Fargo, as well as 11 others in the Twin Cities metro area.

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