MANCHESTER — A South Willow Street plaza will lose another anchor tenant after Pier 1 Imports announced the closure of all its remaining stores.
Pier 1 is located in the same plaza as Modell’s Sporting Goods, which is also set to close. The plaza was once home to other retailers such as Blockbuster, Radio Shack, Michael’s and Tweeter, which have all closed.
Pier 1, which started in 1962 with a single store in San Mateo, Calif., also has two stores in Nashua and others in Salem and West Lebanon.
The Keene store, located in the Monadnock Marketplace, was already set to close.
On Tuesday, Pier 1 Imports, a Texas-based company, announced an “orderly wind-down of the company’s retail operations as soon as reasonably possible” after being able to reopen amid the COVID-19 pandemic. The company will then sell off its inventory and remaining assets, according to a news release.
The company filed for bankruptcy weeks before the shutdowns. It had planned to close 450 of its 936 stores and shed 40% of its workforce and find a buyer, but the pandemic ended those hopes, according to The Washington Post.
“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” said Robert Riesbeck, Pier 1’s CEO and chief financial officer, 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.”
Liquidation sales are set to begin once stores can reopen.
Modell’s Sporting Goods started the process of closing in February.
The 1111 South Willow Street plaza is owned by CEA Bromfield LLC of Massachusetts. It is home to Aldi, Verizon and Five Guys, among other shops and eateries.