Pier 1 Considering 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/00038933-pier-1-considering-sale-of-credit-card-bu/

Marvin Girouard, chairman and chief executive officer of Pier 1 Imports, said yesterday in a conference call that the retail store may have to consider selling its credit card operations.

The conference call was a planned call to discuss operational results which were released on Thursday. In the earnings statement, Pier 1 said that it had overstated cash flow related to securitizations involving credit card receivables and that a restatement would be coming.

Girouard , however, did not that the company has benefited from owning its own bank and that the credit card operations have been successful.