Pier 1 Imports announced it has filed for Chapter 11 bankruptcy protection and has the approval of its lenders to pursue a sale of the company, just weeks after the home furnishings retailer announced that it would shutter hundreds of stores and pare its workforce across the United States.
“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,” Robert Riesbeck, Pier 1’s chief executive officer and chief financial officer, said in a Feb. 17 statement.
