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.
“Today’s actions are intended to provide Pier 1 with additional time and financial flexibility as we now work to unlock additional value for our stakeholders through a sale,” Chief Executive Officer Robert Riesbeck said in the statement. The company will remain open during the bankruptcy process.