Fort Worth-based Pier 1 filed a motion Tuesday seeking to wind-down the company's retail operations as part of its bankruptcy proceedings. 

The retailer filed for Chapter 11 bankruptcy in February, about a month after announcing it was closing 450 stores nationwide. 

As part of the wind-down, the company plans to sell "its inventory and remaining assets, including its intellectual property and e-commerce business," the retailer announced Tuesday. 

Because of the challenges the company already faced, combined with the "uncertainty of a post-COVID world," the retailer said the wind-down is the best way to "maximize the value of Pier 1's assets." 

The announcement comes as other retailers have filed for bankruptcy and closed stores, including Dallas-based Neiman Marcus and Plano-based J.C. Penney.

Once Pier 1 stores can reopen, the company will start permanently closing the locations and sell off its products. 

Pier 1 has been struggling with increased competition from house goods online retailers. In a 2018 presentation to investors, the company acknowledged that shoppers thought its merchandise was outdated and expensive.

RELATED: Pier 1 files for Chapter 11 bankruptcy amid talks with potential buyers

The move to wind down was prompted by the company's inability to find a buyer. 

"This decision follows months of working to identify a buyer who would continue to operate our business going forward," said CEO Robert Riesbeck in a written statement. "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." 

In bankruptcy proceedings, the company has recommended July 1 as the asset bid deadline, with a July 8 auction date and July 15 as the sale hearing date. 

RELATED: JC Penney to close more than 240 stores as part of bankruptcy plan

RELATED: Neiman Marcus files for bankruptcy amid coronavirus pandemic

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