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Pier 1 problems could lead to closings

Company officials want to find a buyer to save the troubled home good stores, but time may be running out.

LACKAWANNA COUNTY, Pa. — Home decor store Pier 1 filed for bankruptcy this week, and if the company can't sell soon, all the stores could close.

"It's kind of sad, but I mean, I guess they'll just have an online presence now. I don't really follow that company now, but they had some cool stuff back in the day," said Scott Bertelson.

Pier 1 Imports is based in Texas, but there are stores all over North America.

"I loved going in there and walking around because they had such nice stuff," Cheryl Hatcher said.

Company officials say they've been struggling with online competition.

Customers say they're not at all surprised by what's happening.

"With me being a past sales employee, I've definitely noticed that Black Friday our sales have definitely decreased in sales retail area," Thomas Hatcher said. "I definitely think there is a lot more competition than in stores on location now."

This bankruptcy announcement comes one month after Pier 1 announced it was closing 450 stores, including all of its stores in Canada and two distribution centers.