Pier 1 Imports said Monday that it filed for bankruptcy protection as it looks for a new owner.
The home furniture company announced that it seeks Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Virginia.
It's trying to make it easier to find a buyer. It will shutter up to 450 stores,nearly half of its locations. It announced those closings in January and has shuttered or launched final sales at more than 400 locations.
"We have worked to establish an appropriately sized and profitable store footprint, operating structure and merchandise assortment," Robert Riesbeck, Pier 1’s CEO, said in a statement. "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."
Here are the locations in the Philadelphia area, South Jersey, and Delaware that are closing:
Pennsylvania Pier 1 closing stores
- Fairless Hills: 630 Commerce Blvd.
- Feasterville: 120 East Street Road
- Glen Mills: 975 Baltimore Pike
- King of Prussia: 140 Allendale Road Courtside Square
- Paoli: 82 E Lancaster Ave.
- Philadelphia: 2310 S Christopher Columbus.
- Pottstown: 351 W. Schuylkill Road
- Springfield: 1014 Baltimore Pike
South jersey:New Jersey Pier 1 closings
- Cape May Court House: 5 Court House South Dennis
- Cherry Hill: 801 Haddonfield Road
- Millville: 2148 North Second St
- Princeton: 3512 Brunswick Pike
Delaware:Dover: 1231 North Dupont Highway
Source: USA Today