Pier 1 Imports says it's talking with Icelandic retailer Lagerinn
By Furniture Today Staff -- Furniture Today, September 24, 2006
Fort Worth, Texas — Specialty retailer Pier 1 Imports said it is talking with an Iceland-based company that may lead to a "possible negotiated business transaction," but didn't disclose what such a deal might be.
Lagerinn ehf, an Iceland corporation owned by Jakup a Dul Jacobsen, already owns about 9.8% of Pier 1's stock. Earlier this year, a Lagerinn subsidiary, Palli Ltd., acquired Pier 1's 40-store British subsidiary, The Pier Retail Group Ltd., for $15 million.
In a filing with the U.S. Securities and Exchange Commission, Pier 1 said it had spoken to members of Lagerinn's management, and the two parties have entered into a confidentiality agreement regarding the talks. Pier 1 also said it had agreed to disclose certain financial information to Lagerinn.
The Icelandic company is a global operation that also owns a chain of more than 1,000 home furnishings stores called Jysk, which has no U.S. locations but does have 25 stores in Canada.
Jacobsen also had held a stake in U.S. retailer Linens 'n Things before that company was sold early this year to a private equity group.
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