2 Big Retailers Plan Store Closures Amid Coronavirus Downturn

MASSACHUSETTS — While thousands of businesses across the state eagerly wait to reopen, JCPenney and Pier 1 Imports may keep their doors closed for good. On Tuesday, Pier 1 Imports announced it requested to stop retail operations "as soon as reasonably possible" after filing for bankruptcy. JCPenney filed for bankruptcy over the weekend and disclosed plans to close more than 200 stores.

Both companies listed the coronavirus pandemic as the reason for the bankruptcy filing.

"Until this pandemic struck, we had made significant progress rebuilding our company," JCPenney CEO Jill Soltau in a statement Friday night.

JCPenney has not released a list of the stores it plans to close but said 192 stores would close this year and another 50 stores would close next year. The JCPenney website lists nine locations in Massachusetts and New Hampshire.

Pier 1 is planning to close all stores. There are 10 Pier 1 Import locations throughout Massachusetts and New Hampshire.

"Ultimately, due to the combination of a challenging retail environment and the new reality and uncertainty of a post-COVID world, the company and its advisers determined that an orderly wind-down is the best way to maximize the value of Pier 1's assets," the company said in a press release.

Both companies had been struggling and feeling the effects of the rise of online retail giants like Amazon and Wayfair. Pier 1 cut its store numbers in half last year and announced in February the closure of 450 stores.

Pier 1 plans to continue to sell the inventory it has left, its website and intellectual property.