FORT WORTH (CBSDFW.COM/AP) – Home goods retailer Pier 1 Imports Inc. said Monday that it has filed for bankruptcy amid the closing of 450 stores.

The Fort Worth-based company, which was founded in 1962, has been struggling with increased competition from budget-friendly online retailers such as Wayfair.

Pier 1 said it will pursue a sale, with a March 23 deadline to submit bids. A hearing is scheduled for Tuesday at the U.S. Bankruptcy Court for the Eastern District of Virginia.

In the meantime, Pier 1 said lenders have committed approximately $256 million in debtor-in-possession financing so it can continue its operations during the Chapter 11 proceedings.

“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 of the company,” Pier 1 CEO and Chief Financial Officer Robert Riesbeck said in a statement. Riesbeck, an executive with previous corporate turnarounds, joined Pier 1 last summer.

Pier 1’s sales fell 13% to $358 million in its most recent quarter, which ended Nov. 30. It reported a net loss of $59 million for the quarter as it struggled to draw customers to its stores. Pier 1 has been trying to declutter its stores, improve online sales and draw in younger customers.

Last month, Pier 1 announced it would close 450 stores, including all of its stores in Canada. The company is also closing two distribution centers. The company did not say how many workers would be affected.

The stores in Denton, Burleson, Arlington (Six Flags Road) and Lewisville confirmed to CBS 11 News they would be closing by the end of March.

Pier 1’s shares have fallen 45% since the start of the year. They closed at $3.58 per share on Friday.

(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)