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Major Pier 1 shareholder sells stake

By Furniture Today Staff -- Furniture Today, January 6, 2008

New York — A major shareholder in Pier 1 Imports sold nearly all of its stake in the Fort Worth, Texas-based retailer in recent weeks, according to a Securities and Exchange Commission filing.

Affiliates of Elliott Associates, which reported in June that they had accumulated 5.9 million shares, now own just 768,760 shares. That represents less than 1% of Pier 1's outstanding shares.

In the regulatory filing, Elliott said the shares had been sold between Oct. 29 and Dec. 27.

Elliott first disclosed its stake in Pier 1 in April, when it reported acquiring 4.8 million shares, or 5.5% of the company, between Feb. 28 and April 5. In June, it told the SEC its stake had been increased to 5.9 million shares, or 6.7% of Pier 1's total.

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Pier 1 stockholder sells shares

Jan 2, 2008

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