Pier 1 Imports said Monday that it has filed for bankruptcy as it looks for a new owner.
The home furniture company announced that it is seeking Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia.
It takes that step with the goal of easing its attempt to find a buyer. And it will continue to shutter up to 450 stores, nearly half of its locations. It previously announced those closings in January and has already shuttered or launched final sales at more than 400 locations.
“We have worked to establish an appropriately sized and profitable store footprint, operating structure and merchandise assortment,” Robert Riesbeck, Pier 1’s CEO said in a statement. “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.”
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Pier 1 customers will still be able to shop with the company, both at the stores that remain open and online.
“The company expects to operate its business in the normal course during this process,” Pier 1 said in its statement.
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