Pier 1 Imports May Soon Be Shipped Out

Daunting events have buffeted Pier 1 Imports: The recession, exacerbated by the gulf war, has depressed sales and slashed fiscal 1991 earnings. Management has had to roll back new-store openings and eliminate headquarters staff positions to curb costs. Even so, shares of this retailer have raced up more than 50% since December, from 4 3/4 to 7 3/4.

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