As nearly 450 Pier 1 locations are set to close in the coming year, the company announced it is filing for Chapter 11 bankruptcy.
Of the 450 locations set to close, 400 of them have either recently closed or started liquidating stock.
In addition to the store closings, the company will shutter two distribution centers.
The moves come during a rough time for brick and mortar retailers, as malls and shopping centers throughout the United States become more barren.
Pier 1 said it is also in the process of securing a buyer for the company over the next six weeks.
“In recent months, we have taken significant steps forward in our business transformation and cost-reduction initiatives," CEO Robert Riesbeck said. "We have worked to establish an appropriately sized and profitable store footprint, operating structure and merchandise assortment that will enable Pier 1 to better serve our customers across store and online channels.
"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. 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.”
