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Pier 1's bankruptcy filing may hold a silver lining for the struggling home-goods retailer

Pier 1's bankruptcy filing may hold a silver lining for the struggling home-goods retailer
Molly Riley/Reuters



Forth Worth, Texas-based home furnishings retailer Pier 1 Imports has filed for Chapter 11 bankruptcy.




With its filing, Pier 1 noted that it is pursuing a sale.




"Somebody believes in them, because they've convinced banks to give them nearly $260 million, which allows them to continue operating the business," Texas bankruptcy attorney Sid Scheinberg told Business Insider.




Visit Business Insider's homepage for more stories.



Pier 1 Imports has filed for Chapter 11 bankruptcy, the home goods retailer announced in a press release on Monday.
Chapter 11 may sound like a dire prospect for any company, but Pier 1's filing may reveal a ray of hope for the future of the business. When it voluntarily filed for bankruptcy in the eastern district of Virginia, Pier 1 noted that it is pursuing a sale as it goes about shutting down 450 stores around the country.
Pier 1 didn't immediately respond to Business Insider's request for further comment.
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