After investor buys 9.9%, Pier 1 announces debt offering

Fort Worth, Tex. – Pier 1 Imports aims to sell $150 million of convertible debt, the company announced yesterday following the news that an investor had acquired nearly 10% of its shares.

Danish investor Jakup a Dul Jacobsen in recent days acquired about 8.6 million common stock shares of Pier 1, representing 9.9% of the outstanding shares. The buy, as shown on the form 13 D filed with the Securities and Exchange Commission, was at a price of about $93 million, made through Jacobsen’s affiliation with two Reykjavik, Iceland-based entities, Kaupthing Bank and his wholly-owned company Lagerinn.

In September 2005, SEC filings show Jacobsen had purchased 9.9% of Linens ’n Things shares through the same two companies.

Pier 1 management is reportedly making the debt offer as a takeover-blocking maneuver, according to financial analysts at UBS Investment Bank, which most recently upgraded its rating of the $1.9 billion retailer to “neutral.”

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.


HTT Current issue for September 2017

See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!