Share this on

TJX settles case with new Pier 1 CEO

Smith will receive $175,000, but drop other claims

By Furniture Today Staff -- Furniture Today, April 5, 2007

FORT WORTH, Texas — New Pier 1 President and CEO Alex Smith will receive $175,000 from TJX Cos. to resolve to a non-compete dispute, according to a Securities and Exchange Commission filing Wednesday.

As part of the settlement, Smith will forfeit what he was owed under TJX’s incentive pay and supplemental executive retirement plans. TJX will agree that his non-compete agreement does not apply to his new Pier 1 post.

In February, Pier 1 Imports won a temporary restraining order against TJX Cos. seeking to end interference in hiring Smith, who replaced Pier 1 CEO Marvin Girouard. The order from a state court stopped TJX from filing any judicial proceedings against Smith other than seeking arbitration.

Pier 1 had argued that Smith’s non-compete agreement with TJX did not apply because the two companies weren’t competitors.

Framingham, Mass.-based TJX operates retailers including T.J. Maxx and Marshalls, selling products ranging from clothing and gifts to furniture, accessories and lamps.

Share this on

Related Content

• Topics
• Author
• Most Popular Pages

Smith to get TJX payment

Apr 22, 2007

Also by this author

• Advertising and promotions, 2006

• Employees, payroll, 2006

• Sourcing, 2006

• Insights on how to use this issue

• The basics, 2006

Also by Staff Staff

Most Viewed Articles

• Merinos Home Furnishings opening display room, Boyles addition

• Ernest Warsaw, founder of Sheffield Corp., dies at 91

• ‘Mega vessels' likely to boost capacity, stabilize freight rates

• Dan Masters joins Furniture Brands as VP, business development

• HOM Furniture adds flooring to six Twin Cities stores

Sponsored Links

• Resource Center
• Browse Categories
• Browse Companies

Featured Company

• FurnitureCore.com

  

  FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more

---

Most Recent Resources

• Getting the most out of offline leads
• Free Shipping and the Importance of Onsite Promotion
• Should Branded Manufacturers Participate in Flash Sales?
• Rugs 101 - Special Edition
• How Big Is Your Label
• Choosing a Web Site Developer
• Convergence: Tie Your Online & Offline Experience...
• Social Networks to Social Shopping
• Why Brands and Their Retailers are Facebook’s Biggest...
• Web Based Intelligence Gathering
• The Future of Tablets
• Shopatron: Bicycles & eCommerce
• A Guide to Holiday eCommerce Success
• Mattress Buying 101 - Connecting with Consumers
• Designing Your Brand’s Website for eCommerce
• Global Sourcing in 2010: Doing More With Less
• Comparing Four Options for Turning Web Site Traffic into...
• Are You Prepared for the 2009 Holiday Season? A Branded...
• Design, Develop, Deliver: The Three D's to Digitally...