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Pier 1 files for Ch. 11 bankruptcy as talks with potential buyers continue

Luke Sharrett | Bloomberg | Getty Images

This is breaking news. Please check back for updates.

Pier 1 announced Monday that it began Chapter 11 bankruptcy proceedings and that it is pursuing a sale of the company.

The company said in a press release that it plans to use this process to complete the previously announced closure of up to 450 store locations, including the closure of all its stores in Canada. 

Pier 1 said it has received a commitment of approximately $256 million in debtor-in-possession financing from Bank of America.

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