(WEHT/AP)- Home decor retail Pier One files for bankruptcy after racking up $59 million in losses.

The company has recently struggled with increased competition from online retailers such as Wayfair and Amazon. 

Pier 1 said lenders have committed approximately $256 million in debtor-in-possession financing so it can continue its operations during the Chapter 11 proceedings.

Pier One is closing hundreds of stores including the Owensboro location on Frederica Street.

The company is focusing on looking for a buyer.

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(This story was originally published on Feb. 17, 2020)