Pier 1 Launches Share Buybacks, Appoints New Board Members

By Eric Volkman – Oct 18, 2013 at 4:29PM

OTC: PIRRQ

Pier 1 Imports

The company will spend up to $200 million to repurchase its common stock.

Pier 1 (PIRRQ) 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 CFO Ann Sardini. All told, the board's total membership is comprised of 11 people.

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