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Pier 1 Files for Bankruptcy, Seeking Time to Sell Troubled Chain
- Plan would use Chapter 11 process to facilitate a company sale
- Lenders gave it $256 million of debtor-in-possession funding
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Pier 1 Imports Inc. filed for Chapter 11 bankruptcy protection to facilitate a company sale after the retailer of eclectic home furnishings found itself squeezed by online rivals and crushed under too much debt.
The Fort Worth, Texas-based retailer is in talks with multiple potential buyers, according to a statement Monday. Pier 1 also reiterated a plan to shut as many as 450 stores.