Alden Global Capital LLC Shows New 9.5% Stake in PIER 1 IMPORTS, Inc. (PIR) - 13D
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In a 13D filing on PIER 1 IMPORTS, Inc. (NYSE: PIR), hedge fund Alden Global Capital LLC disclosed a 9.5%, or 7,913,500 share, stake in the company. The firm did not hold shares at the end of the latest quarter ending June 30, 2016.
Item 4. Purpose of Transaction.
The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.
On September 7, 2016, the Issuer announced that President and CEO Alex W. Smith will step down as President, CEO and a member of the Issuer’s Board of Directors (the “Board”), effective December 31, 2016, and that the Issuer is conducting a search for a new CEO. Also on September 7, 2016, the Issuer announced disappointing preliminary second quarter financial results. Following these developments, the Reporting Persons engaged, and intend to continue to engage, in communications with management and the Board regarding certain matters, including the Issuer’s recent operational performance, shareholder representation on the Board and the CEO search process. The Reporting Persons believe that the Issuer is at a critical juncture and look forward to a constructive dialogue with management and the Board and are hopeful that the Board will voluntarily take appropriate action to address the concerns raised by the Reporting Persons.
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