Pier 1 Imports Inc. announced the company will go out of business “as soon as reasonably possible” after failing to secure a buyer that would have allowed it to continue operating.

The location at New Braunfels Town Center at Creekside, 233 Creekside Crossing, New Braunfels, has been temporarily closed during the coronavirus outbreak.

According to a May 19 press release, Pier 1 stores will reopen in compliance with local COVID-19 guidelines and then close permanently after they sell off their remaining inventory starting on an undetermined date. Orders from Pier 1’s website are still being processed and filled, according to the release.

“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 Chief Executive Officer Robert Riesbeck said in the release.