Sun Capital ups Pier 1 stake to 5.1%
By Furniture Today Staff -- Furniture Today, March 25, 2007
Fort Worth, Texas — Affiliates of Sun Capital Partners have increased their stake in struggling specialty retailer Pier 1 Imports to 5.1% of the chain's common stock.
In a filing with the Securities and Exchange Commission, Sun Capital said its affiliates acquired about 1.5 million shares between Feb. 26 and March 5, boosting its total to 4.47 million shares.
According to the filing, Sun Capital said the shares were acquired "as part of a proprietary trading strategy," but said there were no immediate plans to launch a tender offer.
The purchase was Sun Capital's second major investment in a publicly traded furniture company in recent weeks. In early March, the company disclosed it had acquired a 5% stake in manufacturer-importer-retailer Furniture Brands International.
Between Jan. 10 and March 1, the firm's affiliates purchased 2.43 million shares of FBI, according to an SEC filing.
