UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 15, 2007
PIER 1 IMPORTS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-7832 75-1729843
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organization) File Number) Identification Number)
100 Pier 1 Place, Fort Worth, Texas 76102
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(Address of principal executive offices, including zip code)
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817-252-8000
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions: (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
The information contained in this Current Report is being furnished
pursuant to "Item 2.02 Results of Operations and Financial Condition". The
information in this Item on Form 8-K and the exhibit attached hereto shall
not be deemed to be filed for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to liabilities of
that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as
amended.
On June 21, 2007 Pier 1 Imports, Inc. (the "Company") issued a press
release announcing the Company's financial results for the first quarter
ended June 2, 2007. A copy of this press release is attached hereto as
Exhibit 99.1.
Item 2.05 Costs Associated with Exit or Disposal Activities
On June 15, 2007, the Board of Directors of the Company approved a number
of actions intended to better align resources with the changing priorities
of the business and to continue to reduce the Company's cost structure.
These actions include closing approximately 100 stores rather than the 60
closures previously announced, exiting or redirecting certain other
business activities, and terminating certain employees. The Company
presently expects to record incremental expenses of up to approximately
$10.0 million related to these actions, beginning in the second quarter of
fiscal 2008 but primarily in the third quarter of fiscal 2008, summarized
as follows: up to $8.0 million in lease and other contract termination
costs, up to $1.3 million in expenses related to asset disposals, and up to
$0.7 million in severance and other employee-related costs. The Company
presently estimates that its future cash expenditures related to these
actions will be up to $9 million.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
99.1 Press release dated June 21, 2007 containing
financial results for the first quarter ended
June 2, 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PIER 1 IMPORTS, INC.
Date: June 21, 2007 By: /s/ Michael A. Carter
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Michael A. Carter, Senior Vice
President and General Counsel,
Secretary
EXHIBIT INDEX
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Exhibit No. Description
99.1 Press release dated June 21, 2007 containing financial results
for the first quarter ended June 2, 2007.