(Bloomberg) – Pier 1 Imports Inc. filed for bankruptcy for Chapter 11 protection to facilitate the sale of a company to the retailer eclectic decor was found wounded and crushed under too much debt from online rivals. The retailer Fort Worth, Texas-based is in talks with several potential buyers, according to a statement on Monday. Pier 1 also reiterated a plan to close, as many as 450 outlets. “Today’s actions are at Pier 1 offer with the additional time and financial flexibility as we now work with added value for our stakeholders through a sale to unlock,” said Chief Executive Officer Robert Rießbeck in the statement. The company during bankruptcy proceedings remain open. Pier 1 Assets and liabilities of more than $500 million since its application in the US Bankruptcy Court in Richmond, Virginia. The company said it secured more than $256 million debtor-in-possession financing from Bank of America Corp., Wells Fargo & Co. and Pathlight Capital LP. Pier 1 was in 1962 and, like other long-established retailers date, there is pain for the growth of new online rivals. Pier 1 of the buyers were defecting, which expands in the players of e-commerce category as Wayfair Inc., as well as the traditional giants like Wal-Mart Inc .. repeated efforts to save Pier 1 fell short. An “action plan” put into force in April 2019 Interim CEO Cheryl Elder failed to stabilize sales, and the company has replaced them in November with Robert Ries Beck, a turnaround manager. He announced in January about 40% of the office and closed more than 450 stores, nearly half of the chain. At the same time, the company was telling the creditors on a plan for a possible bankruptcy, and warned in a regulatory filing that its survival was in doubt. Charles Tandy, the entrepreneur behind Radio Shack, Pier 1 started in California as a single transaction, according to his book. The outlet in San Mateo sold beanbag chairs, love beads and incense, according to a company history. Staples contained rattan chairs, rugs, pillows, lamps, vases, dried flowers and baskets main imported from China, India, Vietnam and Indonesia. The vaults lineup novelties like chocolate ants and Spanish armor added size. The chain went public in 1970 and eventually expanded to more than 1,000 outlets, with offices in Canada, Mexico, Europe and Australia, but it is not an e-commerce site until 2012. Since July March 2019, introduced about 18,000 people are employed in the United States and Canada, about 4,000 of them full-time. The case is Pier 1 Imports Inc., 20-30805, US Bankruptcy Court for the Eastern District of Virginia (Richmond).