Another one bites the dust.
The Pier 1 Imports retailer in Camino Real Marketplace in Goleta is closing soon along with some 450 of the company’s other U.S. stores.
More than a dozen employees will be laid off at the Goleta location.
Company officials said in online reports Feb. 17 that it filed for bankruptcy protection while trying to find a new owner.
Pier 1is closing nearly half its locations around the country. It announced those closings recently and has started final sales at more than 400 locations.
It is seeking Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia.
The company had 4,000 employees at its locations and $1.55 billion in annual revenue in fiscal year 2019.
The Fort Worth, Texas-based company has been operating since it was founded in 1962 in San Mateo when it started selling mainly home furnishings.
Pier 1 joins other U.S. companies this year in declaring bankruptcy in the wake of declining retail sales, which is a common trend these days with more and more customers buying online.
For example, Macy’s closed 125 stores this year while trying to reorganize. However, company officials said there is no immediate plan to close the La Cumbre Plaza location, even though the Paseo Nuevo store was shuttered several years ago with no permanent new tenant in sight at this time.
Posted Feb. 17, 2020.