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): May 19, 2020
PIER 1 IMPORTS, INC.
(Exact name of registrant as specified in its charter)
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DELAWARE |
001-07832 |
75-1729843 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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685 JOHN B SIAS MEMORIAL PARKWAY, SUITE 255 FORT WORTH, TEXAS |
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76134 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (817) 252-8000
100 Pier 1 Place, Fort Worth, Texas 76102
(Former name or former address, if changed since last report.)
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Common Stock, par value $0.001 per share |
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PIRRQ |
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* |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Termination of Certain Executive Officers
On May 19, 2020, Pier 1 Imports, Inc. (the “Company”) filed in the United States Bankruptcy Court for the Eastern District of Virginia a motion seeking approval of a plan to wind down the Company’s business (the “Wind-Down Plan”) in view of current business conditions and the absence of the necessary investor or acquirer interest and financial resources to allow the Company to reorganize.
The Wind-Down Plan budget prepared by the Company contemplates, among other things, that the employment of certain of the Company’s executive officers will be terminated by the Company on specified future dates. At this time, it is expected that the employment of the following individuals will terminate on or about the indicated dates:
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William H. Savage |
Executive Vice President, Chief Global Supply Chain Officer |
June 1, 2020 |
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Donna N. Colaco |
President |
July 31, 2020 |
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Mark R. Haley |
Executive Vice President, Store Sales & Operations |
October 31, 2020 |
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Robert J. Riesbeck |
Chief Executive Officer and Chief Financial Officer |
November 30, 2020 |
The Wind-Down Plan budget also contemplates that each of the named individuals will, as the Company announced on March 24, 2020, continue to be subject to a 50% pay reduction. No material amendment, grant or award, or modification thereto, under any compensatory plan, contract or arrangement to which the named individuals are parties is being made in connection with these actions.
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.
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PIER 1 IMPORTS, INC. |
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By: /s/ Robert J. Riesbeck |
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Robert J. Riesbeck, Chief Executive Officer and Chief Financial Officer |
Date: May 22, 2020