More Bad News for a Longtime Retailer

First came news early in the year that Pier 1 Imports was shuttering almost half of its stores. Now comes the not-so-surprising follow-up: The Texas-based retailer filed for bankruptcy protection on Monday, reports the Wall Street Journal. Nine straight quarters of declining store sales will do that to a company, especially one fighting off online retailers such as Wayfair, per the AP. The plan is to find a buyer for the home-furnishings company, which has been around since 1962. "We are moving ahead in this process with the support of our lenders and are pleased with the initial interest as we engage in discussions with potential buyers," says a company statement. In the meantime, the 450 store closings that got underway in January will continue. (More bankruptcy stories.)