By Dee-Ann Durbin, Associated Press:

Home goods retailer Pier 1 Imports Inc. is filing for bankruptcy protection.

The Fort Worth, Texas-based company, which was founded in 1962, has recently struggled with increased competition from online retailers such as Wayfair. Pier 1 said Monday it will pursue a sale, with a March 23 deadline to submit bids.

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.

Last month, Pier 1 announced it would close 450 stores, including all its stores in Canada. The company is also closing two distribution centers.