Pier 1 files for Chapter 11 bankruptcy protectionPosted: Updated:
Pier 1 Imports is filing for Chapter 11 bankruptcy protection.
The home decor retailer says it's racked up $59 million in losses.
The company said in a statement that it has cut a deal with lenders to get a quarter of a billion dollars in financing.
Pier 1 was in the process of closing hundreds of stores, including many on Long Island, but there are still 500 locations up and running.