(KSNT/CNN) – Pier 1, the home furnishings retailer that has closed hundreds of stores in recent years, filed for bankruptcy Monday.
The company released a statement saying that it reached a plan with lenders to provide it with $256 million and will try to find a buyer.
This comes after a previous announcement that Pier 1 would be closing up to 450 stores, including the several in Kansas. Three locations in northeast Kansas are in the process of closing already.
The Manhattan location is in its final week, Olathe’s Pier 1 is scheduled to be open for just over a week and the Shawnee location is expected to be open until mid-March.
“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,” Pier 1’s CEO Robert Riesbeck said.
At this time, the Topeka location on SW Wanamaker Road is not expected to close.