There may be liquidation sales coming up.
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When you're looking for remarkably inexpensive woven rugs, quirky decor for your mantel, and unexpected finds that "speak to you," there's only one place to go: Pier 1. A treasure trove for home decor and gifts we never knew we needed, Pier 1 stores are designed for those who love to get creative with their home decor. But yesterday, Pier 1 shoppers and employees got some sad news: the retailer announced in a statement that it is going out of business and will be closing all of its store locations permanently. Here's what we know so far.

Founded in 1962 as a store stocked with bean bag chairs and love beads, over the years, Pier 1 became a go-to spot for one-of-a-kind finds. More recently, the company struggled to compete with online retail giants like Wayfair and Amazon. After filing for bankruptcy earlier this year and closing about half of its brick-and-mortar locations, Pier 1 began a search for a new buyer to take on the business. Unfortunately, considering the current retail climate in the midst of the COVID-19 pandemic, the company wasn't able to successfully find a buyer.

"We deeply value our associates, customers, business partners and the communities in which we operate, and this is not the outcome we expected or hoped to achieve," Pier 1's CEO, Robert Riesbeck, said in the statement. "This decision follows months of working to identify a buyer who would continue to operate our business going forward. 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."

Pier 1's stores are currently closed in compliance with COVID-19 guidelines from government and health officials, but once they are able to reopen, they will begin the wind-down process. And yes, there is one small silver lining: the company does plan to sell all of its inventory and have liquidation sales. If you want to safely skip the in-person shopping, already has a sitewide Memorial Day sale in effect that you can shop right now.