"I feel that it is time for me to leave in the course of anormal retirement," Girouard said. Pier I says its independentdirectors have hired a New York-based retail executive search firm,Herbert Mines Associates, to assist it in selecting a new CEO.
During the years that Girouard has been with Pier I, theretailer has grown to almost $2 billion in revenues, with more than1,200 stores and 17,000 employees. It lays claim to being NorthAmerica's largest specialty retailer of imported decorative homefurnishings and gifts.
Pier I two weeks ago reported a net loss of $73 million for thesecond quarter ended Aug. 26, or 84 cents per share, as total salesdeclined 12.5% for the second quarter to approximately $371million. Comparable store sales dropped 14.8% in the quarter.
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