Pier 1 to go out of business and close all 540 stores

A customer steps out of a Pier 1 Imports store which was having a closeout sale, Monday, Feb. 17, 2020, in Larchmont, N.Y. Home goods retailer Pier 1 Imports Inc. filed for bankruptcy protection Monday after years of sliding sales. The Fort Worth, Texas-based company, which was founded in 1962, has recently struggled with increased competition from online retailers such as Wayfair. (AP Photo/Julie Jacobson)

Pier 1, the seller of wicker chairs and scented candles, said it will go out of business and permanently close all 540 of its stores, including its store at Hamilton Place Mall in Chattanooga.

The Fort Worth, Texas- based company said Tuesday that it was unable to find a buyer for its business after filing for bankruptcy protection earlier this year.

It will start going-out-of-business sales as soon as it can reopen stores that have been temporarily shut due to the coronavirus pandemic.

Pier 1 traces to a single store in 1962 that sold beanbag chairs and love beads to hippies in San Mateo, California. It expanded to offer just about anything for the home, from lounge chairs to curtains, and it later adopted the logo: "From Hippie to Hip." At its height, Pier 1 had more than 1,200 stores.

But in recent years, its sales have fallen as it struggled to compete with online retailers Wayfair and Amazon, which sell sofas and coffee tables at a lower price and deliver them quickly.

Other chains that have failed to connect with customers have filed for bankruptcy protection recently, including J.C. Penney and J.Crew.