Pier 1 Files For Bankruptcy, Prepares For Sale

Fort Worth, Texas-based home goods retailer Pier 1 has filed for bankruptcy.

According to Business Insider, the company is filing for Chapter 11 bankruptcy.

CEO and CFO Robert Riesbeck said Pier 1 is "pleased with the initial interest as we engage in discussions with potential buyers." In a press release, the company announced its intent to keep its stores and website "open and operating" throughout the bankruptcy.

Also, it intends to "honor customer commitments," compensate employees, and pay vendors and suppliers.