Pier 1 Files For Bankruptcy Protection As It Mulls Sale

Struggling home furnishings retailer Pier 1 Imports, Inc. said it filed for Chapter 11 bankruptcy protection as it is initiating a sale process. The company is in discussions with multiple potential buyers. In a statement, the company said it has also entered into a Plan Support Agreement or PSA with a majority of its term loan lenders. The deadline to submit bids will be on or around March 23.