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Pier 1, already closing a St. Louis-area store, files for Chapter 11 bankruptcy protection

Pier 1, once known for its eclectic mix of housewares and furniture, said it expects to maintain its usual operations during the court-supervised sale process
Credit: PIER 1 IMPORTS

ST. LOUIS — Pier 1 Imports, which was already in the process of closing hundreds of stores, including one in St. Louis County, on Monday became the latest U.S. retailer to seek Chapter 11 bankruptcy protection.

Fort Worth, Texas-based Pier 1 said in a statement that it intends to put itself up for sale as part of the bankruptcy process and that it already has the approval of its lenders to do so. The move comes just weeks after Pier 1 said it would close half of its U.S. stores. That includes the store at 1805 S. Brentwood Blvd. in Brentwood, which remained open Tuesday morning. No specific closing date has been set for the store, which continues clearance sales, an employee who answered the phone Tuesday confirmed.

Pier 1, once known for its eclectic mix of housewares and furniture, said it expects to maintain its usual operations during the court-supervised sale process. The deadline to submit qualified binding bids will be on or around March 23, according to Pier 1's Monday announcement.

"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," Robert Riesbeck, who is both the retailer's CEO and chief financial officer, said in a statement.

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