Home furnishings retailer Pier 1 Imports Inc. announced Feb. 17 it filed for Chapter 11 bankruptcy protection while it pursues a sale of the company.
Fort Worth, Texas-based Pier 1 says it will continue to pay vendors, suppliers, wages and benefits and honor customer commitments.
“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,” CEO Robert Riesbeck said in a news release.
Pier 1 operates five stores in Northeast Florida.
The chain will shutter its store at 1071 Atlantic Blvd., where a closing sale is ongoing.
Other Pier 1 stores are in St. Johns Town Center, Oakleaf Town Center, Jacksonville Beach and St. Augustine.
Pier 1 says it acquired $256 million in financing to continue operations during the bankruptcy process.
Pier 1 previously said it is closing 450 store locations, including all its stores in Canada. The company hasn’t released a list, but according to a list compiled by BusinessInsider.com, the only area store closing is in Atlantic Beach.