Pier 1 Imports (PIR) Responds to Alden Global; Says Board Reconstitution Demands 'Not Constructive'

Pier 1 Imports Comments on Letter from Alden Global Capital

Experienced, Highly Qualified Board Focused on Executing Strategy

Demands for Abrupt Change Are Not Constructive

FORT WORTH, Texas--(BUSINESS WIRE)-- Pier 1 Imports, Inc. (NYSE: PIR) today issued the following statement in response to a public letter today to its Board of Directors from Alden Global Capital:

Pier 1 Imports Board of Directors and management team are committed to acting in the best interests of all shareholders. The Company is making significant progress under its omni-channel strategy, with e-commerce now representing 20% of Pier 1 Imports sales. As we... More

Alden Delivers Letter to the Chairman and Board of Directors of Pier 1 Imports

NEW YORK, Oct. 14, 2016 /PRNewswire/ -- Alden Global Capital LLC (together with its affiliates, "Alden"), the largest active shareholder of Pier 1 Imports, Inc. ("Pier 1" or the "Company") (NYSE: PIR), with ownership of approximately 9.5% of Pier 1's outstanding shares, today announced that it has delivered a letter to the Company's Chairman, Terry London, and the Company's Board of Directors.   

The full text of the letter follows:

October 14, 2016

Pier 1 Imports, Inc.100 Pier 1 PlaceFort Worth, Texas 76102                                               Attn: Terry E. London, Chairman of the Board of Directors

cc: Board of Directors

Dear Terry,

We... More