Pier 1 Imports filed for Chapter 11 bankruptcy protection today and is pursuing a sale of the company, per an agreement with a majority of its term loan lenders, according to a statement.
The bankruptcy was filed in the U.S. Bankruptcy Court for the Eastern District of Virginia, the home furnishings retailer noted.
Pier 1 Imports has already garnered interest from potential buyers, according to Robert Riesbeck, the company’s CEO. In a statement, the company said it expects the deadline to submit bids will be on or around March 23.
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