Upright 1 Imports — the trendy home goods store that sold scented candles and wicker baskets to a generation of yuppies — has lower off the lights.
The brand that once challenged consumers to look “beyond the beige” filed for bankruptcy in February after years of lackluster reduced in price on the markets. According to court documents, the company planned to close hundreds of stores and then reopen. But it announced in May it was winding down its unconditional business and selling off its remaining inventory due in part to the coronavirus pandemic.
Pier 1 CEO Robert Riesbeck said in court reports that the company was the victim of a “perfect storm” created by a myriad of factors that have changed the way consumers and retailers interact.
But analysts say interchanging consumer tastes, an influx of new competitors and several key decisions by management led to the company’s downfall.
So after more than half a century in trade what really led to Pier 1’s bankruptcy? And who has the most to gain from its fall?