Pier 1 sells UK-based retail group
By Furniture Today Staff -- Furniture Today, March 26, 2006
Fort Worth, Texas — Top 100 chain Pier 1 Imports has sold its England-based The Pier Retail Group Ltd. for about $15 million.
The sale includes over 40 The Pier stores and concessions in the United Kingdom and Ireland. The buyer was Palli Ltd., a subsidiary of Lagerinn ehf, an Iceland corporation owned by Jakup a Dul Jacobsen. Lagerinn and Jacobsen together own about 9.9% of Pier 1's stock.
The specialty retailer has suffered net losses and same-store sales declines in recent quarters. As its stock price slumped, speculation has swirled over the possibility of a takeover or a change in top management.
Recently, the company's stock has been trading around $11.30 per share. Pier 1 is preparing a makeover this spring that includes new advertising and more modern looks.
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