(CNBC) -- Pier 1 announced Monday that it began Chapter 11 bankruptcy proceedings in Virginia and that it is pursuing a sale of the company, CNBC reported.
The company said it plans to use this process to complete the previously announced closure of up to 450 store locations, including all Canadian locations.
“Today’s actions are intended to provide Pier 1 with additional time and financial flexibility as we now work to unlock additional value for our stakeholders through a sale of the Company,” Pier 1 CEO Robert Riesbeck said in a press release.
To date, the Company has closed or initiated going-out-business sales at over 400 locations and is in the process of closing two distribution centers. Pier 1′s online store continues to operate as normal.
