Pier 1 Imports, Inc. said it filed for Chapter 11 bankruptcy protection as it is initiating a sale process. The company is in discussions with multiple potential buyers. In a statement, the company said it has also entered into a Plan Support Agreement or PSA with a majority of its term loan lenders. The Chapter 11 proceedings in the U.S. Bankruptcy Court for the Eastern District of Virginia is expected to facilitate an orderly sale process and implement the PSA. The deadline to submit qualified binding bids will be on or around March 23, 2020 subject to procedures to be approved by the court.