Pier 1 offers ‘no comment’ to NYSE inquiry
November 15, 2006,
Fort Worth,Texas-- Pier 1 Imports said it was notified yesterday by the New York Stock Exchange (NYSE) of unusual trading activity in the company's stock.
. The company at that time said, “Pier 1 makes no prediction whatsoever as to when, if ever, Pier 1’s board will reach an agreement with respect to a proposed transaction.”
In May 2006, the company announced it had retained JPMorgan to explore strategic alternatives.Last March, HTT reported that Pier 1 said it had sold itsUnited KingdomandIrelandoperating division to Dutch retail investor Jakup a Dul Jacobsen for "approximately $15 million," and that Jacobsen had purchased 9.9% of Pier 1 in January 2006.
The home furnishings specialty retailer recorded $1.78 billion in sales for fiscal 2006 (endedFeb. 25, 2006), down 2.7% from $1.82 billion the previous year, with a comp-store drop of 7.1%. The company reported a fiscal 2006net loss from continuing operations of $27,471,000 or $0.32 per share.
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