Pier 1 Imports Remains Sharply Lower After Early Sell-Off

(RTTNews) - Shares of Pier 1 Imports, Inc. (PIR) continue to see substantial weakness in afternoon trading on Thursday after falling sharply early in the session. After hitting its lowest intraday level in over nine years, Pier 1 is currently down by 49.5 percent.

The steep drop by Pier 1 comes after the home furnishings retailer said its CEO Alasdair James has stepped down and will be replaced on an interim basis by border member Cheryl Bachelder.

Pier 1 also said its board has initiated a process to evaluate a full range of strategic alternatives to enhance shareholder value.