Retailer Pier 1 has filed for Chapter 11 bankruptcy protection , reports the Wall Street Journal. The filing reportedly was made Monday, with U.S. stock markets closed for Presidents Day, in federal bankruptcy court in Richmond, Va. The Fort Worth, Texas-based home-décor chain had said a month ago that it was shuttering half its stores but might be unable to stave off bankruptcy. The company said in a news release that it would seek a buyer. Shares of Pier 1 are down more than 80% over the past year, and 44% since the start of 2020 alone, as compared with gains of 22% an 4.6% by the benchmark S&P 500 (S&P:SPX) over those spans.
Feb. 17, 2020, 12:57 p.m. EST