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Pier 1 wants to close all its stores

(CNN) -- Pier 1 wants to close all its stores for good.

The 58-year-old retailer specializing in home furnishings announced Tuesday that it's asking the bankruptcy court to cease its retail operations "as soon as reasonably possible."

The company said it tried to find ways to remain in business, but liquidation was the best option.

Pier 1 currently has more than 500 stores, down from 1,000 last year.

It plans to sell its remaining inventory, website and intellectual property.

Orders placed on its website will continue to be fulfilled.

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