Pier 1 Responds To Alden Demands

Pier 1 Imports has issued a statement in response to a public letter received by its board of directors from Alden Global Capital regarding that investment group’s call for changes to the retailer’s board of directors.

Amid Turmoil, Pier 1 Posts Q2 Loss

With a CEO search underway and a hedge fund recently taking a stake in the company, departing Pier 1 Imports chief executive officer Alex Smith had to report a second quarter constrained by soft store traffic.

Pier 1 Formulates Poison Pill

Following Alden Global Capital taking a 9.5% stake in the company, Pier 1 Imports stated that its board of directors had adopted a shareholder rights protection agreement.