Pier 1 Imports files for Chapter 11 bankruptcy protection

Pier 1 Imports has filed for Chapter 11 bankruptcy protection.

The home decor retailer says it's racked up $59 million in losses.

The company released a statement saying that it has cut a deal with lenders to get $250 million in financing.

Pier 1 Imports was in the process of closing hundreds of stores, including many on Long Island, but there are still 500 locations up and running.