Pier 1 Imports (PIR) Sells Subsidiary to Palli Limited for Approx. $15 Mln

March 20, 2006 11:26 AM EST
Pier 1 Imports (NYSE: PIR) announced that it has sold its subsidiary The Pier Retail Group Limited, based in England, and its subsidiaries to Palli Limited for approximately $15 million.

The Company recorded a non-cash pre-tax impairment charge of approximately $7 million in Q4 2006. Q4 and FY2006 results and March sales will be reported on April 6, 2006 and the Company will conduct a conference call on that date.

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