Insight Report 3 minutes PremiumPier 1 Imports (PIR) Adopts “PoisonPill” Measure to Discourage Takeover Coresight Research September 29, 2016 Executive Summary Pier 1 Imports, under scrutiny by an activist investor, announced late Tuesday that it would institute a shareholder protection plan designed to discourage any single shareholder from acquiring a stake of 10% or more in the company. The adoption of a so-called poison pill plan comes a week after hedge fund Alden Global Capital revealed that it had accumulated a 9.5% stake in the home-goods retailer and that it had plans to take a more active role. Today, the company reported fiscal 2Q17revenues of $405.8 million, down 6.7% from the year-ago period. Comparable sales fell by 4.3%, which was far below the (1)%–1% comp growth the company had expected. Pier 1 also lowered its full-year guidance. The company now expects net sales to decline by 4%–6%; previous guidance called for a decline of 1%–3%. Full-year EPS is now expected to be $0.24–$0.32, compared with$0.32–$0.40previously. This report is for paying subscribers only. Already a paying subscriber? Please log in to see the entire report.If you wish to learn more about our subscription plans and become a paying subscriber, click here. This document was generated for Other research you may be interested in: Macy’s Announces 150 Store Closures—A Turnaround Effort To Drive PerformanceRetail-Tech Landscape: Loss PreventionRoblox and Fortnite: Bridges to the Metaverse for Fashion BrandsThe Bifurcation of the American Mall: The Future of Malls—Part 1