Pier 1 investors recommend closing stores, right-sizing spending

By Lisa Kerner

Charlotte, N.C., April 9 - Pier 1 Imports Inc. investors led by Elliott Associates, LP sent a letter to the company's board of directors on April 9 stating they are "puzzled by the pace of the issuer's cost-cutting and restructuring actions taken over the past two years," according to a schedule 13D filing with the Securities and Exchange Commission.

The investors recommend that Pier 1 close down a number of stores, "right-size" the corporate and divisional selling, general and administrative expenses, lease part or all of the corporate headquarters, and add new members to the board.

The reporting persons beneficially own a total of 4,835,180 shares, or about 5.5% of the Fort Worth, Texas, specialty retailer's outstanding stock.

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