Pier 1 Announces Organizational Redesign; Reinvesting to Build Core Competencies
20 Março 2019 - 6:00PM
Business Wire
Company Provides Date for Fourth Quarter and
Full Year Fiscal 2019 Financial Results and Conference Call
Pier 1 Imports, Inc. (NYSE:PIR) today announced an
organizational redesign of its corporate workforce to better align
its operations with its long-term strategy and enable the Company
to improve agility, reduce costs and reinvest in building core
competencies.
The organizational redesign is being completed as part of a
broader review of Pier 1’s operations, undertaken with the
assistance of outside consultants, to enhance the Company’s
processes, capabilities and cost structure. Pier 1 established the
Company’s new organizational structure based on industry benchmarks
for each department, with changes including the elimination of
certain roles, a realignment of responsibilities for some
associates, new reporting structures and the creation of new
positions.
“Since stepping into the role of Interim CEO in December 2018,
my primary focus has been to work with the leadership team in
developing an action plan to return the Company to growth and set
Pier 1 up for future success,” said Cheryl Bachelder, Pier 1’s
Interim CEO and a member of its Board of Directors. “We have
approached this important task with a sense of urgency,
establishing a narrow set of immediate strategic priorities and
leveraging opportunities to improve how we operate and deliver the
style, value and selection of merchandise that our customer wants.
Our new organizational structure sets the right foundation for a
series of steps we plan to take in the coming months across the
areas of merchandising, marketing, margins and costs. This redesign
organizes our leaders and associates around critical competencies
and will enable us to reorient how we invest in our company to
support the business over the long term.”
The organizational redesign will result in a net reduction of
approximately 20 positions, including the filling of open positions
and additional new hires Pier 1 expects to complete over the course
of fiscal 2020, and is expected to be approximately net neutral to
earnings for the fiscal year. The redesign is not expected to
impact Pier 1 stores or store associates.
Management will discuss the organizational redesign and outline
key priorities and its action plan during the upcoming fourth
quarter and full year fiscal 2019 financial results conference
call.
Fourth Quarter and Full Year Fiscal 2019 Financial Results
and Conference Call
The Company will report financial results for the fourth quarter
and full fiscal year ended March 2, 2019 after market close on
Wednesday, April 17, 2019, and will hold a conference call to
discuss the results at 4:00 p.m. Central Time/5:00 p.m.
Eastern Time that afternoon. A live audio webcast will be
accessible at the Company’s website at https://investors.pier1.com.
The call can be accessed domestically at (866) 378-2926 and
internationally at (409) 350-3152, conference ID 3193662.
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 the
organizational redesign of the Company’s corporate workforce; 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 and reductions in capital
expenditures; 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; 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; and 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, except as may be required by
applicable law.
About Pier 1
Founded with a single store in 1962, Pier 1 is a leading
omni-channel retailer of unique home décor and accessories. The
company’s products are available through more than 970 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190320005810/en/
Christine GreanyThe Blueshirt Group(858)
523-1732christine@blueshirtgroup.com
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