Home goods retailer Pier 1 Imports Inc. said Monday that it has filed for bankruptcy protection.
The Fort Worth, Texas-based company, which was founded in 1962, has been struggling with increased competition from online retailers such as Wayfair. Pier 1 said it will pursue a sale, with a March 23 deadline to submit bids.
In the meantime, Pier 1 said lenders have committed approximately $256 million in debtor-in-possession financing so it can continue its operations during the Chapter 11 proceedings.
Pier 1's sales fell 13% to $358 million in its most recent quarter, which ended Nov. 30. It reported a net loss of $59 million for the quarter as it struggled to draw customers to its stores.
Last month, 450 stores, including all of its stores in Canada. The company is also closing two distribution centers.