Pier 1 Imports Files for Chapter 11 Bankruptcy

by Alex Tostado

Fort Worth, Texas — Home furnishing retailer Pier 1 Imports has filed for Chapter 11 bankruptcy in federal court in Richmond, Virginia, according to a report from The Wall Street Journal. The filing comes about six weeks after the Fort Worth-based retailer announced that it would close some 450 stores, about half of its total store count. The company is also closing two distribution centers. Pier 1 has entered into a plan support agreement with its term loan lenders, which include Bank of America and Wells Fargo, and is pursuing a sale of the company.

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