NATIONWIDE – Pier 1 Imports, the troubled home goods retailer, has filed for Chapter 11 bankruptcy, the company announced Monday.
- Pier 1 Imports files for Chapter 11 bankruptcy
- The company is also looking for a buyer
- Pier 1 will be closing up to 450 stores
The news comes just weeks after the Texas-based company announced it would be closed up to 450 stores, including all of its stores in Canada.
Pier 1 is hoping to find a buyer for its remaining 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 of the company," Pier 1 CEO Robert Riesbeck said in a statement. "We are moving ahead in this process with the support of our lenders and are pleased with the initial interest as we engage in discussions with potential buyers."
In its bankruptcy filing, Pier 1 listed is estimated liabilities to be between $500,000 and $1 billion.
The company will continue operating during the bankruptcy process.
"Stores and online platforms are open and operating, and the company remains focused on providing customers with unique, on-trend merchandise and an exceptional shopping experience," the company said in a news release.