Retailer Pier 1 Imports announced it would close all remaining 540 stores and try to find a buyer for its online business. It follows bankruptcy announcements from JC Penney, J. Crew, and Neiman Marcus.
“Retail has been undergoing technological updates, shifting consumer behavior and low foot traffic over the last three years that has led to mass closures of brick-and-mortar establishments and job cuts,” said Andrew Challenger, SVP of global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc.
“The current COVID crisis is exacerbating Retail woes. Companies that did not have a robust online offering are being hit particularly hard,” he added.