Pier 1 files for bankruptcy protection, closing all Canadian stores

Home goods retailer Pier 1 Imports Inc. says it has filed for bankruptcy protection in the United States and plans to close all Canadian stores as part of its restructuring process.

The Texas-based company has been struggling with increased competition from budget-friendly online retailers such as Wayfair.  The company last month announced it would close 450 stores, including all its Canadian locations.

Pier 1’s Canadian website now directs customers to a short statement announcing the closures and thanks them for their loyalty. The company is also commencing creditor protection proceedings in Canada.