Pier 1 Files For Bankruptcy

PIER 1 FILES FOR BANKRUPTCY WHILE IT LOOKS FOR A NEW BUYER

(CNN) – Home decor retailer Pier One is going bust.

The company says it filed for bankruptcy Monday, after racking up $59-million in losses.

The statement says Pier One has cut a deal with lenders to get a-quarter-billion dollars in financing.

And now, the company is focusing on looking for a buyer.

Pier One had already been in the process of closing hundreds of stores, but it still has about 500 locations up and running.

The company is the latest brick-and-mortar retailer to fall victim to online competitors like Amazon and big box chains Target and Walmart.

Categories: Business