Pier 1 said seeking new top executives
Clint Engel -- Furniture Today, February 19, 2006
Fort Worth, Texas — Major furniture retailer Pier 1 Imports has hired an executive search firm to seek new top executives, possibly including a replacement for CEO Marvin Girouard, an area business newspaper reported.
The Dallas Business Journal said Pier 1 hired Chicago-based Spencer Stuart to find new leadership for the company, attributing the information to unidentified sources.
Misty Otto, a spokesperson for Pier 1, declined to comment, as did representatives for Spencer Stuart.
The Top 100 company has suffered net losses and same-store sales declines in recent quarters, which have sent the stock plummeting and led to speculation about a possible takeover.
Earlier this year, business weekly Barron's said the stock price, which had fallen from nearly $20 to below $10, could be making Pier 1 a buyout target.
The Dallas Business Journal later reported that a Danish retail magnate, Jakup a Dul Jacobsen, had acquired a nearly 10% stake in the company.
For the four-week period ended Jan. 28, Pier 1 posted an 8.2% increase in same-store sales and a 12.5% overall sales increase, but noted that sales during the period were driven by clearance sales.
February same-store sales are expected to be in the negative single digits, reflecting a transitional period of lean inventories as Pier 1 prepares to launch a new, more modern lineup in March.
Pier 1's stock recently has been trading above $11.
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Report: Pier 1 hires search firm
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