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

Pier 1 Imports (PIR) Shareholder Alden Sends Letter to Chairman, Board

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 appreciate... More