Pier 1 Imports files for chapter 11 bankruptcy

Fox Business | Feb 17, 2020 at 5:24 PM
  • Pier 1 Imports Inc. has filed for bankruptcy with plans to sell the company, less than two months after the troubled home-decor retailer said it planned to close up to 450 stores and cut costs to slow down its cash burn.
  • The company’s lenders have committed to extending $256 million in debtor-in-possession financing.
  • The bankruptcy financing from lenders including Bank of America N.A., Wells Fargo National Association, and Pathlight Capital LP will allow the company to continue operations and conduct its sale process.