Pier 1 Imports Inc. has filed for bankruptcy with plans to sell the company, less than two months after the troubled home-decor retailer said it planned to close up to 450 stores and cut costs to slow down its cash burn.

The home furnishings chain has said it filed for chapter 11 protection Monday in the U.S. Bankruptcy Court in Richmond, Va., after warning in January about its ability to stay in business within the next year.

Pier…

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