Going out of business has helped boost sales at Pier 1 Imports, The Post has learned.
The struggling seller of glassware and wicker furniture has been raking in some $20 million a week in online going-out-of-business sales, the CEO revealed at a bankruptcy hearing on Friday. That’s better than any of its Black Friday sales — ever, he said.
“We are blowing through Black Friday levels,” Chief Executive Robert Riesbeck told the court during a hearing that resulted in the company’s liquidation plan being approved.
One reason may be the low, low prices tied to its liquidation efforts. Quarantined shoppers have been able to snag outdoor furniture at 40 percent off, including a wicker patio set for $1,740; a pair of nesting mosaic tables for $75; and a wicker hanging chair for $180, the Web site shows. “Going out of business sale,” the Web site blares in red and white letters.
The 58-year-old company, based in Fort Worth, Texas, expects to reopen most of its 540 remaining stores by the end of June for more going-out-of-business sales. Some 245 stores have already reopened, Riesbeck said.
The brisk online business bodes well for Pier 1’s upcoming auction of its brand name, which may live on as a digital-only business, sources said.
Source: NYPost
