Pier 1 shareholders urge cost-cutting measures

Engel, Clint
April 2007
Furniture/Today;4/16/2007, Vol. 31 Issue 31, p44
Trade Publication
The article reports that Elliott Associates LP and Elliott International LP, owners of a 5.5-percent stake in Texas furniture retailer Pier 1 Imports, have written a letter to Pier 1 urging it to reduce costs, restructure operations and close as many as 300 poorly performing stores and lease at least one-third of its corporate headquarters. The investors also urged Pier 1 to reduce its administrative expenses.


Related Articles

  • Major Pier 1 shareholder sells stake.  // Furniture/Today;1/7/2008, Vol. 32 Issue 18, p40 

    The article reports on the sale of 5.9 million shares by a major shareholder in Pier 1 Imports Inc. to Elliott Associates LP in New York. As a result of the sale, Elliott now owns 768,760 shares in the company, representing less than 1% of the outstanding shares of Pier 1. A Securities and...

  • Pier 1 sales decline 18.4%, Havertys up 8.2% in June.  // Furniture/Today;7/10/2006, Vol. 30 Issue 43, p50 

    The article reports on the contrasting sales performance of Texas-based furniture retailer Pier 1 Imports and Georgia-based retailer Havertys for the month of June 2006. Same-store sales of Pier 1 decreased by 18.4 percent while sales of Havertys increased by 8.2 percent. Pier 1 will launch its...

  • Store closings, tough times dominate news in '06. Engel, Clint // Furniture/Today;5/28/2007, Vol. 31 Issue 37, p22 

    The article reports on furniture stores in the U.S. that closed and experienced crisis in 2006. Atlanta, Georgia-based Storehouse's filing of bankruptcy has resulted to the closing of 69 stores. Pier 1 Imports and Bombay Co. posted losses in 2006, resulting to the closing of several stores....

  • Lifestyle specialists enjoy strong year. Sloan, Carole // Furniture/Today;8/21/2006, Vol. 30 Issue 49, p28 

    The article provides an overview of the performance of lifestyle furniture stores in the "Furniture/Today" magazine's annual Retail Giants ranking for 2005. The list is headed by Ikea followed by Pottery Barn, Pier 1 Imports and Crate and Barrell. The top three companies in the lifestyle...

  • Pier I loses $58.7M in 4Q. Engel, Clint // Furniture/Today;4/16/2007, Vol. 31 Issue 31, p1 

    The article reports that Fort Worth, Texas-based specialty furniture retailer Pier 1 Imports posted a loss of $58.7 million in its fourth quarter ended March 1, 2007. Pier 1 Chief Executive Alex Smith said that his firm will close about 60 stores in 2007 to reduce costs. He said that the firm's...

  • Top 25 U.S. furniture & bedding retailers.  // Furniture/Today;11/16/2010, Vol. 35 Issue 11, p38 

    The article focuses on the top 25 furniture and bedding retailers in the U.S. as of November 16, 2010. It states that Ashley Furniture HomeStores in Arcadia, Wisconsin operates stores throughout the U.S. as well as Mexico and Japan. It says that Wal-Mart Stores Inc. in Bentonville, Arkansas has...

  • Pier 1 Imports declares 8-cent quarterly payout.  // Furniture/Today;10/13/2003, Vol. 28 Issue 7, p294 

    Reports on the approval of a quarterly cash dividend by board of directors of furniture specialty retailer Pier 1 Imports Inc. in Texas.

  • Creating a gateway for growth.  // Furniture/Today;4/28/2003, Vol. 27 Issue 33, p37 

    Profiles the owners of Off Main Furniture store from Pier 1 Imports Inc. Gerald Tidwell; Albert Valdes; Laura Valdes.

  • Pier 1 sales decline 13% in 1Q. Thomas, Larry // Furniture/Today;6/23/2008, Vol. 32 Issue 41, p58 

    The article reports on the financial performance of specialty furniture retailer Pier 1 Imports in the U.S. for the fiscal first quarter ended on May 31, 2008. The company announced a net loss of $32.8 million despite significant improvements in merchandise margins during the period. Also cited...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics