Pier 1 Imports expects to cancel conversion rights of 9% noteholders

By Susanna Moon

Chicago, Oct. 12 - Pier 1 Imports, Inc. said it expects to terminate the conversion rights of holders of its 9% convertible notes this month based on recent trends in the company's stock price.

Pier 1 (NYSE: PIR) stock closed at $4.41 on Monday, up 6.01%.

The convertibles were issued during the second quarter.

To date, about $15 million of the original $61.2 million bonds have either been converted or submitted for conversion into 6 million shares.

Pier 1 is a specialty retailer based in Fort Worth, Texas.

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