Last month, Pier 1 announced it would close 450 stores, including all its stores in Canada. Pier 1 Imports’ Vestal store told 12 News its “100 percent staying open.” The Fort Worth, Texas-based company, which was founded in 1962, has been struggling with increased competition from online retailers such as Wayfair. (AP) — Home goods retailer Pier 1 Imports Inc. is filing for bankruptcy protection. In the meantime, the company says lenders have committed approximately $256 million in debtor-in-possession financing so it can still operate during the Chapter 11 proceedings. The company is also closing two distribution centers. Pier 1 said Monday it will pursue a sale with a March 23 deadline to submit bids.