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Smith to get TJX payment

By Furniture Today Staff -- Furniture Today, April 8, 2007

Fort Worth, Texas — New Pier 1 Imports 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 last week.

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

In February, specialty retailer Pier 1 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.

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TJX settles case with new Pier 1 CEO

Apr 5, 2007

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