Decorative home decor and furniture retailer Pier 1 Imports Inc. said yesterday that it had filed for chapter 11 protection and was pursuing a sale, a month after announcing plans for sweeping store closures, Reuters reported. The Fort Worth, Texas-based company is the latest retailer struggling in a market dominated by e-commerce giant Amazon.com Inc. and other retail stalwarts like Walmart Inc. Last month, Pier 1 warned about its ability to continue as a going concern in the tough retail environment. At the same time, it announced plans to slash an unspecified number of jobs and close up to 450 stores, nearly half of what it operated in the U.S. and Canada as of late last year. The retailer said it had already closed or initiated going-out-of-business sales at more than 400 locations, and it is in the process of shutting two distribution centers. Pier 1 said that it had received a commitment of about $256 million in debtor-in-possession financing from Bank of America, Wells Fargo National Association and Pathlight Capital LP. The retailer said it expected to keep its online platform and remaining stores open and running during the bankruptcy process.
