Pier 1's stock price to reflect 1-for-20 reverse split [MarketWatch]
PIER 1 IMPORTS (PIR)
Last pier 1 imports earnings: 6/26 04:15 pm
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Source: MarketWatch
Pier 1's stock price to reflect 1-for-20 reverse split Pier 1 Imports Inc.'s stock PIR, +0.00% will reflect on Thursday a 1-for-20 reverse stock split that went into effect just after midnight. The stock closed at a pre-split price of 68 cents on Wednesday, which would translate to a split-adjusted price of $13.60. The struggling home decor retailer said late Wednesday that shareholders had approved of a reverse split, in the ranges of 1-for-5, 1-for-10 or 1-for-20, and the board of directors decided to go with 1-for-20. "The objective of the reverse stock split is to enable Pier 1 to regain compliance with the NYSE minimum share price continued listing rule and maintain its listing on the NYSE," the company said in a statement. The reverse split will reduce the number of shares outstanding to about 4.25 million from 84.99 million. The stock had tumbled 76% year to date through Wednesday, while the SPDR S&P Retail ETF XRT, -0.12% has declined 16% and the S&P 500 SPX, +0.30% h
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