Pier 1 Imports

Pier 1's 2020 liquidation after COVID struck a already-weakened company demonstrates how recessions finish marginal businesses. The home goods retailer had spent years trying to compete with HomeGoods and Wayfair without success. Like a wounded animal taken by scavengers, Pier 1 would have died eventually; COVID just accelerated the timeline. 540 stores closed; the brand survives only online through new owners.