Pier 1 (NYSE: PIR ) is hoping to boost the value of its common stock by repurchasing a chunk of its outstanding shares. The company's board has authorized a buyback program for up to $200 million worth of stock. The buybacks will be effected through both open market and privately negotiated purchases.
Currently, Pier 1 has slightly over 105.7 million shares outstanding. Its stock trades at $21.00 per share.
The company also elected new members to its board, former Coca-Cola executive Cynthia McCague, Yale University Vice President for Human Resources and Administration Michael Peel, and ex-Weight Watchers (NYSE: WTW ) CFO Ann Sardini. All told, the board's total membership is comprised of 11 people.