This June 15, 2005, file photo shows a Pier 1 Imports store in Dallas.  (AP Photo/Donna McWilliam, File)

Unable to find a buyer after filing for bankruptcy earlier this year, Pier 1 Imports is going out of business and will be closing all of its 540 stores, including one near Park City Center in Lancaster that opened in 1992.

The Texas-based home goods retailer said Tuesday it will start going-out-of-business sales as soon as it can reopen stores that have been temporarily shut due to the coronavirus pandemic.

"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.

Pier 1 filed for bankruptcy in February, a month after it announced plans to close 450 of its 940 stores.