Pier 1, the troubled home furnishings retailer that has closed hundreds of stores in recent years, filed for bankruptcy Monday.
The company, based in Fort Worth, Texas, released a statement saying that it reached a plan with lenders to provide it with $256 million. It will try to find a buyer for the company.
Pier 1 (PIR) previously announced it will close up to 450 stores, including all its locations in Canada. Around 400 stores have already closed or started going-out-of-business sales, according to the statement.
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