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From Home Furnishing Business

Pier 1 Files for Bankruptcy

Home furnishings and décor retailer Pier 1 Imports, Inc. (NYSE: PIR) has announced it has filed for bankruptcy and is seeking a sale of the company, according to a report from Reuters.

Pier 1 said 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 and expects to keep its stores and online platform open and running during the process.

“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,” said Robert Riesbeck, CEO, Pier 1.

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