Pier 1 Files Bankruptcy Protection

Home goods retailer Pier 1 (Fort Worth, Texas) filed for Chapter 11 bankruptcy protection after almost 60 years of business, according to Retail Dive.

The company has also announced its search for a buyer and has asked the court to set the deadline for all eligible bids to March 23.

Bank of America (Charlotte, N.C.), Wells Fargo (San Francisco) and Pathlight Capital (Hingham, Mass.) have committed $256 million total in debtor-in-possession financing to help fund Pier 1 through bankruptcy.

At the peak of its success, more than 1000 Pier 1 locations were in operation. Last month, the company announced plans to close up to 450 stores – almost half of its fleet.

Going-out-of-business sales have begun at more than 400 locations, and the company plans to eliminate the entirety of its Canadian operations, Retail Dive reports.