Pier 1 Addresses NYSE Listing Standards
January 14 2019 - 4:15PM
Business Wire
Pier 1 Imports, Inc. (NYSE:PIR) announced today that it received
notification from the New York Stock Exchange (NYSE) on January 11,
2019 that the Company is no longer in compliance with NYSE
continued listing criteria that require listed companies to
maintain an average closing share price of at least $1.00 over a
consecutive 30 trading-day period.
In accordance with NYSE rules, Pier 1 has a period of six months
from receipt of the notice to regain compliance with the NYSE’s
minimum share price requirement, with the possibility of extension
at the discretion of the NYSE. Under NYSE rules, the Company’s
common stock will continue to be listed and trade on the NYSE
during this period, subject to Pier 1’s compliance with other NYSE
continued listing requirements. The Company plans to notify the
NYSE within 10 business days of its intent to cure the deficiency.
Measures to regain compliance could include a reverse stock split
of Pier 1 common stock, subject to shareholder approval.
The NYSE notification does not affect Pier 1’s business
operations or its Securities and Exchange Commission reporting
requirements, and does not conflict with or cause an event of
default under any of the Company’s material debt or other
agreements.
Financial Disclosure Advisory
Except for historical information contained herein, the
statements in this press release or otherwise made by our
management in connection with the subject matter of this press
release are forward-looking statements (as such term is defined in
the Private Securities Litigation Reform Act of 1995) and involve
risks and uncertainties and are subject to change based on various
important factors. This press release includes forward-looking
statements that are based on management’s current estimates or
expectations of future events or future results. These statements
are not historical in nature and can generally be identified by
such words as “believe,” “expect,” “estimate,” “anticipate,”
“plan,” “may,” “will,” “intend” and similar expressions.
Management’s expectations and assumptions regarding future results
are subject to risks, uncertainties and other factors that could
cause actual results to differ materially from the anticipated
results or other expectations expressed in the forward-looking
statements included in this press release. These risks and
uncertainties include, but are not limited to: the impact of
initiatives implemented in connection with the Company’s multi-year
“New Day” strategic plan, particularly with respect to changes in
the initiatives supporting the New Day plan and actions intended to
return the Company to profitable growth; the impact of initiatives
connected with the appointment of the Company's interim chief
executive officer; the results of the evaluation of strategic
alternatives and the terms, value and timing of any transaction
resulting from that process, or the failure of any such transaction
to occur; the effectiveness of the Company’s marketing campaigns,
merchandising and promotional strategies and customer databases;
consumer spending patterns; inventory levels and values; the
Company's ability to increase cash flows to support its operating
activities; the effectiveness of the Company's relationships with,
and operations of, its key suppliers; the Company’s ability to
implement planned cost control measures; risks related to U.S.
import policy, particularly with regard to the impact of tariffs on
goods imported from China and strategies undertaken to mitigate
such impact; and changes in foreign currency values relative to the
U.S. dollar; the Company's ability to identify a successor chief
executive officer and retain its senior management team; the
Company's ability to comply with the continued listing requirements
of the NYSE, and risks arising from the potential suspension of
trading of the Company's common stock on that exchange. These and
other factors that could cause results to differ materially from
those described in the forward-looking statements contained in this
press release can be found in the Company’s Annual Report on Form
10-K, its Quarterly Report on Form 10-Q for the period ended
December 1, 2018 and in other filings with the SEC. Refer to the
Company’s most recent SEC filings for any updates concerning these
and other risks and uncertainties that may affect the Company’s
operations and performance. Undue reliance should not be placed on
forward-looking statements, which are only current as of the date
they are made. The Company assumes no obligation to update or
revise its forward-looking statements.
About Pier 1
Founded with a single store in 1962, Pier 1 is a leading
omnichannel retailer of unique home décor and accessories. The
company’s products are available through more than 980 Pier 1
stores in the U.S. and Canada and online at pier1.com. For more
information or to find the nearest store, please visit
pier1.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190114005767/en/
Investor RelationsChristine GreanyThe Blueshirt
Group(858) 523-1732christine@blueshirtgroup.com
Pier 1 Imports (NYSE:PIR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Pier 1 Imports (NYSE:PIR)
Historical Stock Chart
From Sep 2023 to Sep 2024