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Pier 1 files for bankruptcy protection amid online challenge

KAAL-TV
Updated: February 18, 2020 08:03 AM
Created: February 17, 2020 12:22 PM

Associated Press - Home goods retailer Pier 1 Imports Inc. is filing for bankruptcy protection.

The Fort Worth, Texas-based company, which was founded in 1962, has recently struggled with increased competition from online retailers such as Wayfair.

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Pier 1 said Monday it will pursue a sale, with a March 23 deadline to submit bids. In the meantime, the company says lenders have committed approximately $256 million in debtor-in-possession financing so it can still operate during the Chapter 11 proceedings.

Last month, Pier 1 announced it would close 450 stores, including all its stores in Canada. The company is also closing two distribution centers.

(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
 


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