firesale / notverkauf pier 1 / einrichtungshaus
PIER 1: SALE OF CREDIT CARD UNIT TO MEET YEAR'S CASH NEEDS
PIER 1 TO DISCONTINUE 10C A SHARE DIVIDEND
PIER 1 MOVE TO IMPROVE LIQUIDITY, FINANCIAL STABILITY
The board of Pier 1 Imports Inc. has decided to discontinue payment of quarterly dividends, the troubled home-furnishings retailer said. The move to discontinue the dividend, paid at a quarterly rate of 10 cents a share, "will improve the company's near-term liquidity and is consistent with our efforts to provide financial stability as we execute Pier 1's turnaround strategy," said Marvin Girouard, chairman and chief executive. Even without discontinuing the dividend, Girouard said Pier 1's management remains of the belief that its cash on hand, credit lines and proceeds from the sale of its credit-card business "will be sufficient to meet our expected cash requirements over the next fiscal year." Over the weekend, Pier 1 announced that Girouard will retire on Feb. 28 and that an executive-search firm has been hired to help find a new CEO. Shares of Ft. Worth, Texas-based Pier 1 added 32 cents, or 4.3%, to end Monday's trading at $7.74.