Pier One Imports filed for bankruptcy with plans to sell the company, less than two months after unveiling plans  to close 450 stores in a move to cut costs.

The company’s lenders, including Bank of America, Wells Fargo National Association and Pathlight Capital, committed to extending $256 million in debtor-in-possession financing, which will allow the chain to continue operations and conduct a sales process.

“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,” Robert Riesbeck, Pier 1’s chief executive, said in a statement. “We are moving ahead in this process with the support of our lenders and are pleased with the initial interest as we engage in discussions with potential buyers.”

Pier One reported nine straight quarters of same-store sales declines, including 11.4% in Q3 ended Nov. 30, as it faced competition from the likes of Wayfair, HomeGoods,  Bed Bath & Beyond’s Cost Plus World Market and Amazon. Pier 1 listed assets of $426.6 million and debt of $258.3 million. Its largest shareholders are Charles Schwab Investment Management and Dimensional Fund Advisors LLP.  Pier has closed or in the process of sales at 400 or its 940 stores.