Pier 1 Imports, the home goods retailer that in the 1990s became a popular destination for exotic rattan chairs and cheap embroidered pillows only to cede its market niche over the last decade to lower-priced competitors, announced on Monday that it had filed for bankruptcy and was pursuing a sale of the company.

The retailer has weathered years of declining store revenue and undertook an overly ambitious turnaround plan, industry analysts said. The company said last month that it would close up to 450 of its 936 stores, including all its locations in Canada.

The Pier 1 bankruptcy underscores fundamental challenges facing American retailers that rely heavily on brick-and-mortar stores. This month, Macy’s announced that it would close about 125 of its stores over the next few years and shed about 2,000 jobs. Last year, a number of fashion retailers declared bankruptcy, among them Barneys New York, Payless Shoesource and Forever 21.

The rise and fall of Pier 1 offers a case study of a successful business that found itself unable to adapt after competitors began to replicate and scale its retail approach. Founded in 1962 in San Mateo, Calif., the retailer developed a novel strategy that focused on importing eclectic home goods from India, Indonesia and other countries and selling them at low prices. By the 1990s, Pier 1 had developed a recognizable, quirky aesthetic that drew consumers who would drop in just to check out the latest animal-shaped umbrella stands, colorful painted plates and woven baskets.