Another shopping giant is closing. Pier 1 Imports is shutting down all of its 540 stores. Pier 1 has been actively trying to find a buyer for the retail chain over the last few months. The effort has failed mainly because of economic challenges tied to COVID-19 Pier 1 filed for bankruptcy in February. Officially, the company is looking for bankruptcy court approval to wind down the business. Intellectual properties. assets and online operations are said to be up for grabs.