Last week, Pier 1 filed for Chapter 11 bankruptcy protection with plans to sell itself in a court-led sale. Whether that's as a going concern (an intact and operating company) or sold in parts is not yet clear.

Important to note, though, is that unlike other recent retail bankruptcies, Pier 1 never carried a massive debt load. The retailer that began by selling incense, love beads and bean bag chairs, among other things, to baby boomers in the '60s, eventually became the victim of fierce competition from e-commerce, offprice and mass merchants. This, coupled with the fact that it started burning through its cash, helped pave the road to bankruptcy.

On this episode of The Backroom with Retail Dive, the team discusses what led Pier 1 to this place and what future may lie ahead for the retailer.