FT. Worth, TX, January 30, 2007--Pier 1 Imports said chief executive Marvin Girouard will retire on February 19, and will be replaced by Alex Smith, who was with TJX Cos. Inc. as senior executive vice president.
The struggling home decor retailer said Girouard, who has been with the company for 32 years and has been the CEO for more than eight, will also resign as chairman.
Earlier this month, the company reported a decline of more than 10 percent in December sales at its stores open at least a year, its eleventh straight month of declining same-store sales.
The company has also posted seven consecutive quarterly losses. To try and improve sales, the company has spent more on advertising and cut prices.
It has also revamped its merchandise, modernized its furniture offerings and is selling a wider array of home fashions like curtains and glassware, but the measures have not improved operations.
