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Pier 1 Sinks as It Evaluates Strategic Alternatives, Ousts Chief

  • CEO James exits after eight-month-old turnaround plan lags
  • Retailer plans $20 million capex reduction this fiscal year
A Pier 1 Imports Inc. retail store stands in Louisville, Kentucky.

A Pier 1 Imports Inc. retail store stands in Louisville, Kentucky.

Photographer: Luke Sharrett/Bloomberg
Updated on

Pier 1 Imports Inc., the struggling home furnishings chain, announced the sudden departure of its top executive and said it will evaluate strategic options for the company, sending shares tumbling.

The retailer, which in April unveiled an ambitious turnaround plan intended to achieve sales growth and profitability in three years, saw its sales slump deepen last quarter as it enters the critical holiday shopping period. Its board has begun a process to “evaluate a full range of strategic alternatives” and retained Credit Suisse to advise it in the process.