Video Credit: Wochit Business - Duration: 00:34s - Published
Pier 1 Files For Bankruptcy, Prepares For Sale
Fort Worth, Texas-based home goods retailer Pier 1 has filed for bankruptcy.
According to Business Insider, the company is filing for Chapter 11 bankruptcy.
CEO and CFO Robert Riesbeck said Pier 1 is "pleased with the initial interest as we engage in discussions with potential buyers." In a press release, the company announced its intent to keep its stores and website "open and operating" throughout the bankruptcy.
Pier 1 Imports announced that it filed for Chapter 11 bankruptcy and is attempting to sell the company. Pier 1 previously announced it will close up to 450 stores due to widening losses at the company.