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Chairman and ceo Girouard to retire from Pier 1

Fort Worth, Texas – Pier 1 Imports chairman and ceo Marvin Girouard said he will retire from the 1,200-store home furnishings retailing company and its board of directors, effective Feb. 28, 2007.

“I feel that it is time for me to leave in the course of a normal retirement and allow new leadership to emerge and flourish,” said Girouard. He has been with the company 32 years.

New York-based Herbert Mines Associates has been retained to conduct the search for a new ceo.

Performance at Pier 1 has slipped in recent years. For fiscal 2006, ended Feb. 25, 2006, the company recorded a net loss of $39.8 million, a net loss from continuing operations of $27.5 million, and a comp store drop of 7.1% on sales of $1.8 billion.

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