Skip to content
Subscriber Only
Business
Checkout

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
A pedestrian walks past a Pier 1 Imports store.
A pedestrian walks past a Pier 1 Imports store.Photographer: Craig Warga/Bloomberg
Updated on

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.