Pier 1 Mulls Sale of Credit Card Business

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00016365-pier-1-mulls-sale-of-credit-card-business/

Pier 1 took another step recently towards selling its proprietary credit card business in a bid to boost up profitability after several quarters of dismal sales and store traffic, according to a story in Business Week online. Pier 1 president, Marvin Girouard, had previously mentioned in a conference call that the store may have to take this step: dips and drops in sales are having negative effects on shareholder profits.

The ailing rattan furniture and sparkly pillow company has hired JP Morgan to help Pier 1 explore options to enhance shareholder value. Pier 1 is looking both at selling its credit card arm as well as selling other assets to recharge profits.

You can read more about this story at Pier 1 mulls sale of credit card business.