Palli and Jakup a Dul Jacobsen, Lagerinn's owner, control 9.9%of Pier 1 common stock. The sale of the UK chain results in apre-tax impairment charge of $7 million for Pier 1.
Last year a group that included Jacobsen and Lagerinn acquiredclose to 5.4 million shares of retailer Linens 'n Things for justover $137 million. The Icelandic firm was rumored to be a suitorfor the whole company, however, Clifton, NJ-based Linens waseventually bought by private-equity firm Apollo Management andshopping-center developer NRDC Real Estate Advisors for about $1.3billion.
Pier 1, which operates about 1,000 stores in North America, hasseen its sales lag of late due to competition from discount chainslike Target Corp. Year-over-year same-store sales declined 10.8% inFebruary, and total sales fell 6.5%, to about $109.7 million.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
