sv8
As filed with the Securities and Exchange Commission on June 22, 2006
Registration No.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
Pier 1 Imports, Inc.
(Exact name of registrant as specified in its charter)
|
|
|
Delaware
(State or other jurisdiction of
incorporation or organization)
|
|
75-1729843
(I.R.S. Employer
Identification No.) |
|
|
|
100 Pier 1 Place, Fort Worth, Texas
(Address of Principal Executive Offices) |
|
76102
(Zip Code) |
PIER 1 IMPORTS, INC. MANAGEMENT RESTRICTED STOCK PLAN
(Full title of the plan)
Michael A. Carter
Senior Vice President and General Counsel
Pier 1 Imports, Inc.
100 Pier 1 Place, Fort Worth, Texas 76102
(Name and address of agent for service)
(817) 252-7630
(Telephone number, including area code, of agent for service)
Calculation of Registration Fee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proposed |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proposed Maximum |
|
|
Maximum Aggregate |
|
|
|
|
|
Title of Securities |
|
|
Amount to be |
|
|
Offering Price Per |
|
|
Offering |
|
|
Amount of |
|
|
to be Registered |
|
|
Registered(1) |
|
|
Share(2) |
|
|
Price(2) |
|
|
Registration Fee |
|
|
Common Stock
Par Value - $1.00 per share |
|
|
415,660 shares |
|
|
|
$7.58 |
|
|
|
|
$3,148,625 |
|
|
|
|
$336.90 |
|
|
|
|
|
|
(1) |
|
Pursuant to Rule 416(c) under the Securities Act of 1933, this registration
statement also covers an indeterminate amount of interests to be offered or sold pursuant to the
employee benefit plan described herein and any additional shares that may be issued pursuant to the
anti-dilution provisions of the employee benefit plan described herein. |
|
(2) |
|
Estimated pursuant to Rules 457(c) and (h) solely for purposes of calculating
amount of registration fee and based upon the average of the high and low prices of the shares of
common stock of Pier 1 Imports, Inc., as reported on the New York Stock Exchange on June 21, 2006. |
EXPLANATORY NOTE
This Registration Statement on Form S-8 (the Registration Statement) registers issuances of
415,660 shares of common stock, par value $1.00 per share (Common Stock) of Pier 1 Imports, Inc.
(Pier 1 or the Registrant) granted or to be granted under the Pier 1 Imports, Inc. Management
Restricted Stock Plan (the Plan). As of the date of this registration statement, 198,000 shares
of restricted stock have been granted and remain outstanding under the Plan.
PART I
ITEM 1. PLAN INFORMATION*
ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION*
|
|
|
* |
|
Information required by Part I of Form S-8 to be contained in a reoffer prospectus meeting the
requirements of Section 10(a) of the Securities Act of 1933 is omitted from this Registration
Statement in accordance with Rule 428 under the Securities Act of 1933 and the Note to Part I of
Form S-8. This Registration Statement also includes a reoffer prospectus that has been prepared in
accordance with the requirements of Part I of Form S-3 and, pursuant to General Instruction C of
Form S-8, may be used for reofferings and resales on a continuous or delayed basis of 198,000
shares of restricted stock granted to the selling stockholders named herein under the Plan. |
REOFFER PROSPECTUS
Pier 1 Imports, Inc.
415,660 Shares of Common Stock, par value $1.00 per share
This reoffer prospectus relates to 415,660 shares of our common stock that may be sold from
time to time by the selling stockholders named in this reoffer prospectus, who may be deemed to be
our affiliates, 198,000 of which are restricted stock acquired by the selling stockholders prior
to the date of this reoffer prospectus.
The distribution of the common stock by the selling stockholders may be effected from time to
time, in one or more transactions, at prices related to prevailing market prices or at negotiated
prices.
The selling stockholders will receive all of the proceeds from the common stock sold pursuant
to this reoffer prospectus and we will receive none of such proceeds. All expenses of registration
incurred in connection with this offering are being borne by us, but all brokerage commissions and
other expenses incurred by individual selling stockholders will be borne by these selling
stockholders.
The selling stockholders and any agents or broker-dealers that participate with the selling
stockholders in the distribution of the shares may be considered underwriters within the meaning
of the Securities Act of 1933, as amended (the Securities Act), and, in that event, any
commissions received by them and any profit on the resale of the shares may be considered
underwriting commissions or discounts under the Securities Act.
Our common stock is listed on the New York Stock Exchange under the symbol PIR. On June 19,
2006, the last reported sale price of our common stock on the New York Stock Exchange was $7.62 per
share.
Investing in our common stock involves risks. See Risk Factors beginning on page 3.
Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the adequacy or accuracy of this reoffer
prospectus. Any representation to the contrary is a criminal offense.
The date of this reoffer prospectus is June 22, 2006.
You should rely only on the information contained or incorporated by reference in this reoffer
prospectus. We have not authorized anyone to provide you with different or additional information.
The selling stockholders are not making an offer of these securities in any state where the offer
is not permitted. You should not assume that the information provided by this reoffer prospectus
is accurate as of any date other than the date on the front of this reoffer prospectus. Our
business, financial condition, results of operations and prospects may have changed since then.
TABLE OF CONTENTS
-i-
FORWARD LOOKING STATEMENTS
This reoffer prospectus includes or incorporates by reference forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934. We may also make
forward-looking statements in other reports filed with the Securities and Exchange Commission and
in material delivered to our stockholders. Forward-looking statements provide current expectations
of future events based on certain assumptions. These statements encompass information that does
not directly relate to any historical or current fact and often may be identified with words such
as anticipates, believes, expects, estimates, intends, plans, projects and other
similar expressions. Our expectations and assumptions regarding planned store openings, financing
of obligations from operations, results from our new marketing, merchandising and store operations
strategies, and other future results are subject to risks, uncertainties and other factors that
could cause actual results to differ materially from the anticipated results or other expectations
expressed in the forward-looking statements. Risks and uncertainties that may affect operations
and performance include, among others, the effects of terrorist attacks or other acts of war,
conflicts or war involving the United States or its allies or trading partners, labor strikes,
weather conditions or natural disasters, volatility of fuel and utility costs, the general strength
of the economy and levels of consumer spending, consumer confidence, the availability of new sites
for expansion along with sufficient labor to facilitate growth, the availability and proper
functioning of technology and communications systems supporting our key business processes, our
ability to import merchandise from foreign countries without significantly restrictive tariffs,
duties or quotas and our ability to source, ship and deliver items from foreign countries to our
United States distribution centers at reasonable prices and rates and in a timely fashion. The
foregoing risks and uncertainties are in addition to others discussed elsewhere in this reoffer
prospectus. We have no obligation to update or otherwise revise our forward-looking statements
even if experience or future changes make it clear that any projected results expressed or implied
will not be realized.
1
OUR COMPANY
We are one of North Americas largest specialty retailers of unique decorative home
furnishings, gifts and related items. During fiscal 2006, we directly imported proprietary,
private-label merchandise from over 40 countries and sold a wide variety of furniture collections
representing 40% of our merchandise mix, decorative accessories at 26%, bed and bath products at
15%, housewares at 13% and other seasonal assortments at 6%. We operate stores in the United
States and Canada under the name Pier 1 Imports and Pier 1 Kids. Pier 1 Kids operates stores that
sell childrens home furnishings and decorative accessories. As of February 25, 2006, we operated
1,100 Pier 1 stores in the United States, 83 Pier 1 stores in Canada and supported five franchised
stores in the United States. We also operated 43 Pier 1 Kids stores in the United States.
Pier 1 offers a diverse selection of products consisting of approximately 3,000 items. While
the broad categories of Pier 1s merchandise remain constant, individual items within these product
groupings change frequently in order to meet the demands of our customers. Pier 1 merchandise
largely consists of items that require a significant degree of handcraftsmanship and are mostly
imported directly from foreign suppliers that operate in cottage industries and small factories.
Pier 1 is not dependent on any particular supplier and has enjoyed long-standing relationships with
many vendors.
Pier 1 stores in the United States and Canada average approximately 9,800 gross square feet,
which includes an average of approximately 7,800 square feet of retail selling space. The stores
consist of freestanding units located near shopping centers or malls and in-line positions in major
shopping centers. Pier 1 operates in all major U.S. metropolitan areas and many of the primary
smaller markets. Pier 1 stores generally have their highest sales volumes during November and
December as a result of the holiday selling season.
We operate an e-commerce web site, which can be accessed at www.pier1.com, which provides our
customers with access to Pier 1 products and services at their convenience. Customers can shop
from substantially all of our merchandise assortment as well as purchase gift cards, create and
manage bridal and gift registries, view interactive versions of recent catalogs, watch recent TV
commercials and sign up for marketing email and direct mail. We also offer a Pier 1 proprietary
credit card to customers and develop customer loyalty through targeted marketing promotions,
including deferred payment options on larger ticket purchases.
Our strategy
Throughout fiscal 2006, we continued to struggle with declining sales performance. Challenged
with how to increase customer traffic and differentiate ourselves from the growing competition, we
implemented several key initiatives. To regain our position as a unique specialty retailer, we are
focusing on merchandising and marketing strategies as well as prudent management of the business
through cost reductions and other restructuring plans throughout the organization.
Through market research and customer feedback, we determined that our stores needed an updated
look, complete with new merchandise lines and a redesigned store format. Market research showed
that customers are looking for a less is more style of home furnishings, with more efficient and
convenient shopping options. As a result, we have introduced a new line of merchandise with more
contemporary designs, updated color palettes and a modern look. In addition to shelf displays,
customers entering Pier 1 stores will now find merchandise arrangements designed to fit into
particular areas of the home such as the living room, dining room, bedroom or patio. The new
merchandise is displayed in a manner that allows the customers to imagine what it would look like
in their own homes, as well as showing them how to incorporate different accessories into their
living areas.
In addition to the new merchandise initiatives, we have implemented new marketing strategies
including new television advertisements, catalog mailings, magazine advertisements, and direct mail
and Internet marketing. We began test marketing our catalog through limited mailings late in
fiscal 2005 and again in early fiscal 2006 and decided to expand the mailings of catalogs with two
nation-wide distributions during the fall and holiday season of fiscal 2006. Customer response was
positive and we have decided to continue to expand this form of marketing and discontinue the use
of newspaper inserts. The catalog offers an opportunity to show product to its best advantage, to
suggest its use in home settings and to demonstrate the value proposition. In March 2006, we
circulated ten million copies of the spring catalog. In April, we circulated a late spring edition
of the catalog and followed it with a summer catalog in late May. In all, we plan to distribute
nine direct mail catalogs throughout fiscal 2007. Our management feels that the catalogs will play
an increasingly important role in the overall marketing plan as well as
2
provide us with future business opportunities. Almost all items available through catalogs
and Internet shopping are also available in stores.
We continue to manage our business prudently by reducing capital expenditures and controllable
costs, but we realize that sales will determine our success. Our new marketing and merchandising
initiatives are anticipated to help bring customers back to our stores.
Our industry
We compete in the highly competitive specialty retail business and compete primarily with
specialty sections of large department stores, furniture and decorative home furnishings retailers,
small specialty stores, discount stores, and catalog and Internet retailers. We believe that we
compete on the basis of price, value, rapidly changing merchandise assortments, visual
presentations of our merchandise, customer service and fashion sense. We also believe that we
remain competitive with other retailers because of our name recognition and established vendor
relationships. We believe that our Pier 1 Kids business offers an opportunity to take advantage of
the growing demand for childrens furniture and accessories.
About us
We are a Delaware corporation. Our principal offices are located at 100 Pier 1 Place, Fort
Worth, Texas 76102, and our telephone number is (817) 252-8000. Our website is www.pier1.com.
The information on our website is not part of this reoffer prospectus.
RISK FACTORS
The following information describes certain significant risks and uncertainties inherent in
our business. Some of these risks are described below and in the documents incorporated by
reference in this reoffer prospectus, and you should take these risks into account in evaluating us
or any investment decision involving us or in deciding whether to invest in our common stock. This
section does not describe all risks applicable to us, our industry or our business, and it is
intended only as a summary of certain material factors. You should carefully consider such risks
and uncertainties, together with the other information contained in our latest Annual Report on
Form 10-K and in our other public filings. If any of such risks and uncertainties actually occurs,
our business, financial condition or operating results could differ materially from the plans,
projections and other forward-looking statements included in the section titled Managements
Discussion and Analysis of Financial Condition and Results of Operations and elsewhere in our
latest Annual Report on Form 10-K and in our other public filings. In addition, if any of the
following risks and uncertainties, or if any other disclosed risks and uncertainties, actually
occurs, our business, financial condition or operating results could be harmed substantially.
Risk Factors Related to the Company
Strategic Risks and Strategy Execution Risks
We must be able to anticipate, identify and respond to changing trends and customer preferences for
home furnishings.
The success of our specialty retail business depends upon our ability to predict trends in
home furnishings consistently and to provide merchandise that satisfies consumer demand in a timely
manner. Consumer preferences often change and may not be reasonably predicted. A majority of our
merchandise is manufactured, purchased and imported from countries around the world and is
typically ordered well in advance of the applicable selling season. Extended lead times of four to
twelve months may make it difficult to respond rapidly to changes in consumer demand and as a
result we may be unable to react quickly and source needed merchandise. Also, our vendors may not
have the ability to handle our increased demand for product. The seasonal nature of the specialty
home furnishing business leads us to purchase and requires us to carry a significant amount of
inventory prior to our peak selling season. As a result, we may be vulnerable to changes in
evolving home furnishing trends, customer preferences, pricing shifts, and may misjudge the timing
and selection of merchandise purchases. Our failure to anticipate, predict and respond in a timely
manner to changing home furnishing trends could lead to lower sales and additional promotional
discounts and clearance markdowns in an effort to clear merchandise, which could have a negative
impact on merchandise margins and in turn the results of operations.
3
Failure to control merchandise returns could negatively impact the business.
We have established a provision for estimated merchandise returns based upon historical
experience and other known factors. If actual returns are greater than those projected by
management, additional sales returns could be recorded in the future. Also, to the extent that
returned merchandise is damaged, we may not receive full retail value from the resale of the
returned merchandise. Introductions of new merchandise, changes in merchandise mix, merchandise
quality issues, changes in consumer confidence, or other competitive and general economic
conditions may cause actual returns to exceed the provision for estimated merchandise returns. An
increase in merchandise returns that exceeds our current provisions could negatively impact the
business and operating results.
The success of the business is dependent on factors affecting consumer spending that we cannot
control.
Consumer spending, including spending for the home and home-related furnishings, is dependent
upon factors that include but are not limited to general economic conditions, levels of employment,
disposable consumer income, prevailing interest rates, consumer debt, costs of fuel, recession and
fears of recession, war and fears of war, inclement weather, tax rates and rate increases, consumer
confidence in future economic conditions and political conditions, and consumer perceptions of
personal well-being and security. Unfavorable changes in factors affecting discretionary spending
could reduce demand for our products and therefore lower sales and negatively impact the business
and operating results.
We intend to expand our direct to consumer business in an effort to continue to grow and may face
challenges that may cause these expansion plans to fail.
We currently operate an e-commerce web site which serves as a marketing vehicle for the
business and provides consumers access to our products and services at their convenience. We
believe our introduction of the catalog business has allowed us to focus on cross-channel
integration and to more effectively utilize our web site to reach new and existing customers. We
plan to fully integrate our direct to consumer business by the end of fiscal 2007 with the
introduction of delivery of products direct to the customers home or to their local Pier 1 store,
at their request. The newest channel of direct to consumer business is expected to play a more
critical role to the growth of the business and will complement our current retail locations,
e-commerce web site and catalog business.
Failure to successfully manage and execute our marketing initiatives could have a negative impact
on the business.
Our continued success and growth has become dependent on improving customer traffic in order
to gain sales momentum in our stores and on our e-commerce web site. Historically, we have
utilized various media to reach the consumer and we have experienced varying levels of favorable
response to our marketing efforts. Often media placement decisions are made months in advance and
our inability to accurately predict our consumers preferred method of communication may negatively
impact the business and operating results.
Risks Related to Profitable Growth
Our success depends, in part, on our ability to find desirable new locations at reasonable rental
rates and close underperforming stores at or before the conclusion of their lease terms.
Historically, the continued growth of the business has been highly dependent on opening and
operating new stores at a reasonable profit. While management is currently executing a very
disciplined growth strategy, we will continue to pursue new store locations. The ability to
continue to open additional stores successfully will depend upon a number of factors, many of which
are beyond our control, including identification and availability of suitable store locations;
negotiation of favorable lease terms; securing required governmental permits and approvals;
availability of construction materials and labor at reasonable prices; obtaining financing on
acceptable terms; and general economic conditions.
For a majority of our current store base, a large portion of a stores operating expense is
our costs associated with leasing the location. Management actively monitors individual store
performance to ensure stores can remain profitable or have the ability to rebound to a profitable
state. Current locations may not continue to be desirable as demographics may adversely change and
we may choose to close an underperforming store before its
4
lease expires. If management chooses to close an existing store before its lease expiration,
we could suffer operating losses until the lease term expires or until the lease arrangement has
been restructured or the lease obligation has been settled.
Failure to attract and retain an effective management team or changes in the costs or availability
of a suitable workforce to manage and support our stores and distribution facilities could
adversely affect the business.
Our success is dependent, in a large part, on being able to successfully attract, motivate and
retain a qualified management team and employees. Sourcing qualified candidates to fill important
positions within our company, especially management, in the highly competitive retail environment
may prove to be a challenge. The inability to recruit and retain such individuals could result in
turnover in our stores and distribution facilities, which could have an adverse effect on the
business. Management will continue to assess our compensation structure in an effort to attract
future qualified candidates or retain current experienced management team members.
Occasionally we experience union organizing activities in our non-unionized distribution
facilities. These types of activities may result in work slowdowns or stoppages and higher labor
costs. Any increase in costs associated with labor organization at our distribution facilities
could result in higher costs to distribute inventory and could negatively impact merchandise
margins.
Factors affecting the general strength of the economy, should they decline, could result in reduced
consumer demand for our products.
Our successful execution relies on customer demand for our merchandise, which is affected by
factors that are impacted by prevailing economic conditions. A general slowdown in the United
States economy and an uncertain economic outlook may adversely affect consumer spending which in
turn could result in lower sales and unfavorable operating results. A prolonged economic downturn
could have a material adverse effect on the business, and our financial condition and results of
operations.
We operate in a highly competitive retail environment with companies offering similar merchandise
to ours, and if customers are lost to our competitors, sales could decline.
Our retail locations, e-commerce web site and direct mail catalog business operate in the
highly competitive specialty retail business competing with specialty sections of large department
stores, home furnishing stores, small specialty stores, discount stores and catalog and Internet
retailers. Management believes that in addition to competing for sales, we compete on the basis of
pricing and quality of products, constantly changing merchandise assortment, visual presentation of
our merchandise and customer service. We also believe our Pier 1 operations are competitive with
other retailers due to brand awareness and name recognition, established vendor relationships and
the extent and variety of the merchandise offered. The level of competition is not anticipated to
decrease and if we are unable to maintain a competitive position, we could experience negative
pressure on retail prices which in turn could result in reduced merchandise margins and operating
results.
Increases in certain operating costs that we cannot entirely control may have a significant impact
on our profitability.
We need to manage our operating costs effectively and continue to look for opportunities to
reduce these costs. Such costs include; rent, fuel and utility costs, delivery expenses, postage,
advertising media and production costs (including the cost of paper and printing), and costs of
obtaining commercial insurance.
Our business is subject to seasonal variations, with a significant portion of our sales and
earnings occurring during two months of the year.
Approximately 25% of our sales generally occur during the November-December holiday selling
season. Failure to predict consumer demand correctly during these months could result in lost
sales or gross margin erosion if merchandise must be marked down to clear inventory.
5
Our business may be harmed by adverse weather conditions and natural disasters.
Extreme or undesirable weather can affect customer traffic in retail stores as well as
customer shopping behavior. Natural disasters such as earthquakes, weather phenomena, and events
causing infrastructure failures could adversely affect any of our retail locations, distribution
centers, administrative facilities, ports, or locations of our suppliers domestically and in
foreign countries.
Risks Associated with Dependence on Technology
We are heavily dependent on various kinds of technology in the operation of our business.
Failure of any critical software applications, technology infrastructure, telecommunications,
data communications, or networks could have a material adverse effect on our ability to manage the
merchandise supply chain, sell products, accomplish payment functions or report financial data.
Some business processes that are dependent on technology are outsourced to third parties. Such
processes include gift card tracking and authorization, credit card authorization and processing,
catalog and e-commerce fulfillment, insurance claims processing, processing and payment of payroll
outside the United States, and record keeping for retirement plans. We make a diligent effort to
insure that all providers of outsourced services observe proper internal control practices, such as
redundant processing facilities; however, there are no guarantees that failures will not occur.
Failure of third parties to provide adequate services could have an adverse effect on our results
of operations, liquidity, or ability to accomplish our financial and management reporting.
Regulatory Risks
We are subject to laws and regulatory requirements in many jurisdictions. Changes in these laws
and requirements may result in additional costs, including the costs of compliance as well as
potential penalties for non-compliance.
We operate in many local, state, and federal taxing jurisdictions, including foreign
countries. In most of these jurisdictions we are required to collect state and local sales taxes
at the point of sale and remit them to the appropriate taxing authority. We are also subject to
income taxes, excise taxes, franchise taxes, and other special taxes. We are also required to
maintain various kinds of business and commercial licenses to operate our stores and other
facilities. Rates of taxation are beyond our control, and increases in such rates or taxation
methods and rules could have a material impact on our profitability. Failure to comply with laws
concerning the collection and remittance of taxes and with licensing requirements could also
subject us to financial penalties or business interruptions.
Local, state, and federal legislation also has a potential material effect on our
profitability or ability to operate our business. Compliance with certain legislation carries with
it significant costs. We are subject to oversight by many governmental agencies in the course of
operating our business because of our numerous locations, large number of employees, contact with
consumers, granting of credit, and importation and exportation of product. Insuring compliance
with regulations may cause us to incur significant expenses, including the costs associated with
periodic audits. Failure to comply may also cause additional costs in the form of penalties.
Risks Associated with International Trade
As a retailer of imported merchandise, we are subject to certain risks that typically do not affect
retailers of domestically produced merchandise.
We usually order merchandise from four to twelve months in advance of delivery and generally
pay for the merchandise at the time it is loaded for transport to designated United States
destinations. Global political unrest, war, threats of war, terrorist acts or threats, especially
threats to foreign and United States ports, could affect our ability to import merchandise from
certain countries. Fluctuations in foreign currency exchange rates, restrictions on the
convertibility of the dollar and other currencies, duties, taxes and other charges on imports, dock
strikes, import quota systems and other restrictions sometimes placed on foreign trade can affect
the price, delivery and availability of imported merchandise as well as exports to our stores in
other countries. The inability to import products from certain countries, unavailability of
adequate shipping capacity at reasonable rates, or the imposition of significant tariffs could have
a material adverse effect on our results of operations. Freight costs contribute a substantial
amount to the cost of imported merchandise. Monitoring of foreign vendors compliance with United
6
States laws and our standards, including quality standards, is more difficult than monitoring
of domestic vendors.
The United States government has the authority to enforce trade agreements, resolve trade
disputes, and open foreign markets to United States goods and services. The United States
government may also impose trade sanctions on foreign countries that are deemed to violate trade
agreements or maintain laws or practices that are unjustifiable and restrict United States
commerce. In these situations the United States government may increase duties on imports into the
United States from one or more foreign countries. In this event, we could be adversely affected by
the imposition of trade sanctions.
In addition, the United States maintains in effect a variety of additional international trade
laws under which our ability to import may be affected from time to time, including, but not
limited to, the antidumping law, the countervailing duty law, the safeguards law, and laws designed
to protect intellectual property rights. Although we may not be directly involved in a particular
trade dispute under any of these laws, our ability to import, or the terms and conditions under
which we can continue to import, may be affected by the outcome of that dispute.
In particular, because we import merchandise from countries around the world, we may be
affected from time to time by antidumping petitions filed with the United States Commerce
Department and International Trade Commission by United States producers of competing products
alleging that foreign manufacturers are selling their own products at prices in the United States
that are less than the prices that they charge in their home country market or in third country
markets or at less than their cost of production. Such petitions, if successful, could
significantly increase the United States import duties on those products. In that event, we might
possibly decide to pay the increased duties, thereby possibly increasing our price to consumers.
Alternatively, we might decide to source the product or a similar product from a different country
not subject to increased duties or else discontinue the importation and sale of the product.
In recent years, dispute resolution processes have been utilized to resolve disputes regarding
market access between the European Union, China, the United States and other countries. In some
instances these trade disputes can lead to the threats by countries of sanctions against each
other, which can include import prohibitions and increased duty rates on imported items. We
consider any agreement that reduces tariff and non-tariff barriers in international trade
beneficial to our business. Any type of sanction on imports is likely to increase our import costs
or limit the availability of products purchased from sanctioned countries. In that case, we may be
required to seek similar products from other countries.
Risks Relating to Liquidity
Insufficient cash flows from operations could result in the substantial utilization of our secured
credit facility which may impose certain financial covenants.
We maintain a secured credit facility to enable us to issue merchandise and special purpose
standby letters of credit as well as occasionally to fund working capital requirements. Borrowings
under the credit facility are subject to a borrowing base calculation consisting of a percentage of
eligible inventory and third party credit card receivables. Substantial utilization of the
availability under the borrowing base will result in various restrictions on us including:
restricting our ability to repurchase our common stock or pay dividends, dominion over our cash
accounts, and requiring compliance with a minimum fixed charge coverage ratio. While we do not
anticipate the use of the facility for working capital purposes in the next twelve months,
significant decreases in cash flow from operations and investing could result in our borrowing
increased amounts under the credit facility to fund operational needs and potentially being
subjected to these limitations.
Changes in our credit rating may result in a significant decrease in cash available for our use.
Our credit card securitization program requires that we maintain a minimum credit rating.
Should our credit rating fall more than one notch, or our rating be withdrawn, the certificate
holders would be entitled to retain funds collected on the outstanding credit card receivables
until the certificate holders have been repaid amounts owed. To avoid such an event, our
non-consolidated subsidiary would endeavor to amend the securitization agreement to lower the
minimum acceptable credit rating or eliminate the rating requirement. In the past, our
non-consolidated subsidiary has been able to amend our securitization agreement as needed; however,
there are no assurances that future amendments will be obtainable. If such an event were not
avoided, it could negatively impact our liquidity position as it would reduce the non-consolidated
subsidiarys funds available to purchase our newly
7
generated proprietary credit card receivables and could further result in defaults under
other agreements, including our secured credit facility. A default under the secured credit
facility that remains uncured or that was not waived by the lenders would cause severe limitations
on our ability to issue letters of credit or borrow funds to cover operational needs, which would
negatively impact the business.
USE OF PROCEEDS
We will not receive any proceeds from the sale of common stock by the selling stockholders.
SELLING STOCKHOLDERS
The common stock to which this reoffer prospectus relates is being registered for reoffers and
resales by the selling stockholders who have acquired, or who may acquire, shares under the Plan.
The selling stockholders may sell all, some or none of the common stock. Therefore, no estimate
can be made of the aggregate number of shares that are to be offered by this reoffer prospectus or
that will be owned for the direct or indirect account of each selling stockholder upon completion
of the offering to which this reoffer prospectus relates. The selling stockholders may offer the
common stock for sale from time to time. See Plan of Distribution. The inclusion in the table
of the individuals named below will not be deemed to be an admission that any of these individuals
are our affiliates.
Participants under the Plan who are deemed to be our affiliates who acquire common stock
under the Plan may be added to the selling stockholders listed below from time to time by use of a
reoffer prospectus supplement filed pursuant to Rule 424(b) under the Securities Act. In addition, certain unnamed non-affiliates of ours may use this reoffer prospectus for reoffers and
resales of the shares of common stock registered pursuant to the Registration Statement of which
this reoffer prospectus is a part, provided that these non-affiliates hold less than one percent of
the shares issuable under the Plan.
The following table provides the names, the relationship with us within the past 3 years and
beneficial ownership of, and the number of shares of common stock which may be sold by each selling
stockholder as of the date of this offering:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount to be |
|
|
|
|
|
|
|
|
|
|
|
|
Offered for Selling |
|
Amount Owned After |
|
Percent |
|
|
Relationship to Pier 1 |
|
Total Amount Owned |
|
Stockholders' |
|
the Offering |
|
Owned After |
Name (1) |
|
Within Past 3 Years |
|
(2) |
|
Account |
|
(3) |
|
the Offering(4) |
Susan E. Barley
|
|
Senior Vice President and
Controller
|
|
|
264,167 |
|
|
|
9,000 |
|
|
|
273,167 |
|
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Richard T. Blackwelder
|
|
Senior Vice President, Stores
|
|
|
248,775 |
|
|
|
9,000 |
|
|
|
257,775 |
|
|
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michael A. Carter
|
|
Senior Vice President and
General Counsel
|
|
|
77,362 |
|
|
|
5,000 |
|
|
|
82,362 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
J. Gregory Coffey
|
|
Vice President, Treasury
|
|
|
76,250 |
|
|
|
5,000 |
|
|
|
81,250 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leslie Eades
|
|
Vice President, Brand
Development and Creative
|
|
|
124,329 |
|
|
|
5,000 |
|
|
|
129,329 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gregory S. Humenesky
|
|
Executive Vice President,
Human Resources
|
|
|
6,525 |
|
|
|
18,000 |
|
|
|
24,525 |
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jay R. Jacobs
|
|
Executive Vice President,
Merchandising
|
|
|
440,343 |
|
|
|
18,000 |
|
|
|
458,343 |
|
|
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Donald L. Kinnison
|
|
Vice President,
Merchandising and
Merchandise Support
|
|
|
170,625 |
|
|
|
5,000 |
|
|
|
175,625 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Robert A. Kling
|
|
Senior Vice President,
Merchandising
|
|
|
164,488 |
|
|
|
9,000 |
|
|
|
173,488 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Katherine W. Krahn
|
|
Vice President, Stores
|
|
|
34,635 |
|
|
|
5,000 |
|
|
|
39,635 |
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Edward J. Lasko
|
|
Vice President, Tax
|
|
|
109,116 |
|
|
|
5,000 |
|
|
|
114,116 |
|
|
|
0.1 |
% |
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount to be |
|
|
|
|
|
|
|
|
|
|
|
|
Offered for Selling |
|
Amount Owned After |
|
Percent |
|
|
Relationship to Pier 1 |
|
Total Amount Owned |
|
Stockholders' |
|
the Offering |
|
Owned After |
Name (1) |
|
Within Past 3 Years |
|
(2) |
|
Account |
|
(3) |
|
the Offering(4) |
Andrew Laudato
|
|
Senior Vice President and
Chief Information Officer
|
|
|
163,854 |
|
|
|
9,000 |
|
|
|
172,854 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paul D. Mihic
|
|
President, Pier 1 Kids, Inc.
|
|
|
135,201 |
|
|
|
5,000 |
|
|
|
140,201 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ronni R. Morrison
|
|
Vice President, Human
Resources
|
|
|
127,676 |
|
|
|
5,000 |
|
|
|
132,676 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steven M. Mowrer
|
|
Senior Vice President,
Credit and Check Services
|
|
|
161,554 |
|
|
|
9,000 |
|
|
|
170,554 |
|
|
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gregory O. Rake
|
|
Vice President,
International Logistics and
Transportation
|
|
|
85,044 |
|
|
|
5,000 |
|
|
|
90,044 |
|
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Phil E. Schneider
|
|
Executive Vice President,
Marketing
|
|
|
664,176 |
|
|
|
18,000 |
|
|
|
682,176 |
|
|
|
0.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charles H. Turner
|
|
Executive Vice President,
Finance, Chief Financial
Officer and Treasurer
|
|
|
539,323 |
|
|
|
18,000 |
|
|
|
557,323 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
David A. Walker
|
|
Executive Vice President,
Logistics and Allocations
|
|
|
521,757 |
|
|
|
18,000 |
|
|
|
539,757 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E. Mitchell Weatherly
|
|
Executive Vice President,
Stores
|
|
|
634,889 |
|
|
|
18,000 |
|
|
|
652,889 |
|
|
|
0.7 |
% |
|
|
|
(1) |
|
The address of each of the selling stockholders is c/o Pier 1 Imports, Inc., 100 Pier 1
Place, Fort Worth, Texas 76102. Each selling stockholder listed herein shall include any donee,
pledgee, transferee, or other successor in interest that receives shares of common stock or
options from the selling stockholder as a gift, distribution or in other non-sale transfers,
from time to time. |
|
(2) |
|
Except as otherwise noted and pursuant to applicable community property laws, each person
or entity named in the table above has sole voting and investment power with respect to all
common stock listed as owned by that person or entity. Shares beneficially owned include shares
that may be acquired pursuant to options and warrants whether or not exercisable within 60 days
of the date of this reoffer prospectus. |
|
(3) |
|
This amount assumes the sale of all shares registered for the account of the selling
stockholders whether or not exercisable within 60 days of the date of this reoffer prospectus.
The selling stockholders may sell all, some or no portion of the common stock registered
hereunder. |
|
(4) |
|
This amount is based on 87,239,597 shares of common stock outstanding as of June 19, 2006.
Common stock deemed to be beneficially owned by virtue of the right of any person to acquire
these shares whether or not exercisable within 60 days of the date of this reoffer prospectus is
treated as outstanding only for purposes of determining the percent owned by such person. |
PLAN OF DISTRIBUTION
As used in this reoffer prospectus, selling stockholders includes the selling stockholders
named above and their donees, pledgees, transferees or other successors in interest selling shares
received from named selling stockholders as a gift, partnership distribution or other
non-sale-related transfer after the date of this reoffer prospectus. We have been advised that the
selling stockholders may affect sales of the shares of common stock directly, or indirectly by or
through underwriters, agents or broker-dealers, and that the shares of common stock may be sold by
one or a combination of several of the following methods:
|
|
|
one or more block transactions, in which the broker or dealer so engaged will attempt to
sell the shares of common stock as agent but may position and resell a portion of the block
as principal to facilitate the transaction, or crosses, in which the same broker acts as
an agent on both sides of the trade; |
|
|
|
|
purchases by a broker-dealer or market maker, as principal, and resale by the
broker-dealer for its account; |
|
|
|
|
ordinary brokerage transactions or transactions in which a broker solicits purchases; |
9
|
|
|
on the New York Stock Exchange or on any other national securities exchange or quotation
service on which our common stock may be listed or quoted at the time of the sale; |
|
|
|
|
in the over-the-counter market; |
|
|
|
|
privately negotiated transactions; |
|
|
|
|
through the writing of options, whether the options are listed on an options exchange or otherwise; |
|
|
|
|
through distributions to creditors and equity holders of the selling stockholders; or |
|
|
|
|
any combination of the foregoing, or any other available means allowable under applicable law. |
We will bear all costs, expenses and fees in connection with the registration and sale of the
common stock covered by this reoffer prospectus, other than underwriting discounts and selling
commissions. We will not receive any proceeds from the sale of the shares of our common stock
covered hereby. The selling stockholders will bear all commissions and discounts, if any,
attributable to sales of the shares. The selling stockholders may agree to indemnify any
broker-dealer or agent that participates in transactions involving sales of the shares against
certain liabilities, including liabilities arising under the Securities Act.
The selling stockholders may sell the shares covered by this reoffer prospectus from time to
time, and may also decide not to sell all or any of the shares they are allowed to sell under this
reoffer prospectus. The selling stockholders will act independently of us in making decisions
regarding the timing, manner and size of each sale. The selling stockholders may effect sales by
selling the shares directly to purchasers in individually negotiated transactions, or to or through
broker-dealers, which may act as agents or principals. The selling stockholders may sell their
shares at fixed prices, at market prices prevailing at the time of sale, at prices related to such
prevailing market prices, at varying prices determined at the time of sale, or at privately
negotiated prices.
Broker-dealers or agents may receive compensation in the form of commissions, discounts or
concessions from selling stockholders. Broker-dealers or agents may also receive compensation from
the purchasers of shares for whom they act as agents or to whom they sell as principals, or both.
Compensation as to a particular broker-dealer might be in excess of customary commissions and will
be in amounts to be negotiated in connection with transactions involving shares. In effecting
sales, broker-dealers engaged by the selling stockholders may arrange for other broker-dealers to
participate in the resales.
In connection with sales of our common stock covered hereby, the selling stockholders and any
broker-dealers or agents and any other participating broker-dealers who execute sales for the
selling stockholders may be deemed to be underwriters within the meaning of the Securities Act.
Accordingly, any profits realized by the selling stockholders and any compensation earned by such
broker-dealers or agents may be deemed to be underwriting discounts and commissions. Because
selling stockholders may be deemed to be underwriters within the meaning of Section 2(11) of the
Securities Act, the selling stockholders will be subject to the reoffer prospectus delivery
requirements of that act. We will make copies of this reoffer prospectus (as it may be amended or
supplemented from time to time) available to the selling stockholders for the purpose of satisfying
the reoffer prospectus delivery requirements. In addition, any shares of a selling stockholder
covered by this reoffer prospectus which qualify for sale pursuant to Rule 144 under the Securities
Act may be sold in open market transactions under Rule 144 rather than pursuant to this reoffer
prospectus.
The selling stockholders will be subject to applicable provisions of Regulation M of the
Securities Exchange Act of 1934 (the Exchange Act) and the rules and regulations thereunder,
which provisions may limit the timing of purchases and sales of any of the shares of our common
stock by the selling stockholders. These restrictions may affect the marketability of such shares.
In order to comply with applicable securities laws of some states, the shares may be sold in
those jurisdictions only through registered or licensed brokers or dealers. In addition, in
certain states the shares may not be sold unless they have been registered or qualified for sale in
the applicable state or an exemption from the registration or qualification requirements is
available.
To the extent necessary, we may amend or supplement this reoffer prospectus from time to time
to describe
10
a specific plan of distribution. We will file a supplement to this reoffer prospectus,
if required, upon being notified by a selling stockholder that any material arrangement has been
entered into with a broker-dealer for the sale of shares through a block trade, special offering,
exchange distribution or secondary distribution or a purchase by a broker or dealer. The
supplement will disclose the name of each such selling stockholder and of the participating
broker-dealer(s); the number of shares involved; the price at which such shares were sold; the
commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable;
that such broker-dealer(s) did not conduct any investigation to verify the information contained in
or incorporated by reference in this reoffer prospectus; and any other facts material to the
transaction.
LEGAL MATTERS
The validity of the issuance of the shares of common stock offered by this reoffer prospectus
has been passed upon for us by Winstead Sechrest & Minick P.C., Dallas, Texas. Tom Thomas, a
director of Pier 1, is a shareholder of Winstead Sechrest & Minick P.C.
EXPERTS
The consolidated financial statements of Pier 1 Imports, Inc. appearing in Pier 1 Imports,
Inc.s Annual Report (Form 10-K) for the year ended February 25, 2006 and Pier 1 Imports, Inc.
managements assessment of the effectiveness of internal control over financial reporting as of
February 25, 2006 included therein, have been audited by Ernst & Young LLP, independent registered
public accounting firm, as set forth in their reports thereon, included therein, and incorporated
herein by reference. Such consolidated financial statements and managements assessment are
incorporated herein by reference in reliance upon such reports given on the authority of such firm
as experts in accounting and auditing.
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports and other information with the Securities and
Exchange Commission (SEC). You may inspect and copy such material at the public reference
facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please call the
SEC at 1-800-SEC-0330 for more information on the public reference room. You can also find our SEC
filings at the SECs website at www.sec.gov and on our website at www.pier1.com (click on Investor
Relations and then SEC Filings). Information contained on our website is not part of this
reoffer prospectus. In addition, our reports and other information concerning us can be inspected
at the New York Stock Exchange, 20 Broad Street, New York, New York 10005, where our common stock
is listed.
We have filed with the SEC a registration statement on Form S-8 relating to the securities
covered by this reoffer prospectus. This prospectus is a part of the registration statement and
does not contain all the information in the registration statement. Whenever a reference is made
in this reoffer prospectus to a contract or other document, the reference is only a summary and you
should refer to the exhibits that are a part of the registration statement for a copy of the
contract or other document. You may view a copy of the registration statement at the SECs public
reference room in Washington, D.C. as well as through the SECs website.
The following documents we filed with the SEC pursuant to the Exchange Act are incorporated
herein by reference:
|
|
|
the description of our common stock, par value $1.00 per share, contained in our
registration statement on Form 8-B filed on September 17, 1986; |
|
|
|
|
our Annual Report on Form 10-K for the fiscal year ended February 25, 2006,
including information specifically incorporated by reference into our Form 10-K from
our Proxy Statement for our Annual Meeting of Stockholders to be held on June 22, 2006;
and |
|
|
|
|
our Current Reports on Form 8-K filed on March 2, 2006, March 15, 2006, March 20,
2006, March 23, 2006, March 24, 2006, March 29, 2006, April 6, 2006, May 4, 2006, June
1, 2006 and June 15, 2006.
|
11
All documents filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act
(excluding any information furnished pursuant to Item 2.02 or Item 7.01 on any current report on
Form 8-K) subsequent to the date of this filing and prior to the termination of this offering shall
be deemed to be incorporated in this reoffer prospectus and to be a part hereof from the date of
the filing of such document. Any statement contained in a document incorporated by reference
herein shall be deemed to be modified or superseded for all purposes to the extent that a statement contained in this reoffer prospectus or in any other subsequently
filed document which is also incorporated or deemed to be incorporated by reference, modifies or
supersedes such statement. Any statement so modified or superseded shall not be deemed, except as
so modified or superseded, to constitute a part of this reoffer prospectus.
We will provide without charge to each person to whom this reoffer prospectus is delivered, upon
written or oral request of such person, a copy of any or all documents incorporated by reference in
this reoffer prospectus. Requests for such copies should be directed to Michael A. Carter, Senior
Vice President and General Counsel, Pier 1 Imports, Inc., 100 Pier 1 Place, Fort Worth, Texas
76102, by mail, or if by telephone at (817) 252-7630.
12
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The following documents previously filed by Pier 1 Imports, Inc. (Pier 1 or the
Registrant) with the Securities and Exchange Commission (the Commission) pursuant to the
Securities Exchange Act of 1934, as amended (the Exchange Act), are incorporated by reference
herein and shall be deemed to be a part hereof:
(1) The Registrants Annual Report on Form 10-K filed for the fiscal year ended February 25,
2006 (the Form 10-K);
(2) All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the
Exchange Act since the end of the fiscal year covered by the Registrants Form 10-K; and
(3) The description of the Companys common stock, par value $1.00 per share, contained in the
Registrants registration statement on Form 8-B filed on September 17, 1986.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act, after the date of this Registration Statement and prior to the filing of a
post-effective amendment to this Registration Statement which indicates that all securities offered
have been sold or which deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and made a part hereof from the date of
filing of such documents.
ITEM 4. DESCRIPTION OF SECURITIES
Not applicable.
ITEM 5. INTEREST OF NAMED EXPERTS AND COUNSEL
Tom Thomas, a director of Pier 1, is a shareholder of Winstead Sechrest & Minick P.C., the law
firm engaged to render an opinion regarding the validity of the securities being registered under
this Registration Statement.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Section 102(b)(7) of the Delaware General Corporation Law (DGCL) grants corporations the
right to limit or eliminate the personal liability of their directors in certain circumstances in
accordance with provisions therein set forth. Article Seventh of the Pier 1 Certificate of
Incorporation contains a provision eliminating or limiting director liability to Pier 1 and its
stockholders for monetary damages arising from acts or omissions in the directors capacity as a
director. The provision does not, however, eliminate or limit the personal liability of a director
(i) for any breach of such directors duty of loyalty to Pier 1 or its stockholders, (ii) for acts
or omissions not in good faith or which involve intentional misconduct or a knowing violation of
law, (iii) under the Delaware statutory provision making directors personally liable, under a
negligence standard, for unlawful dividends or unlawful stock purchases or redemptions, or (iv) for
any transaction from which the director derived an improper personal benefit. This provision
offers persons who serve on the board of directors of Pier 1 protection against awards of monetary
damages resulting from breaches of their duty of care (except as indicated above). As a result of
this provision, the ability of Pier 1 or a stockholder thereof to successfully prosecute an action
against a director for a breach of his duty of care is limited. However, the provision does not
affect the availability of equitable remedies such as an injunction or rescission based upon a
directors breach of his duty of care. The SEC has taken the position that the provision will have
no effect on claims arising under the Federal securities laws.
Section 145 of the DGCL grants corporations the right to indemnify their directors, officers,
employees and agents in accordance with the provisions therein set forth. Article Seventh of the
Pier 1 Certificate of Incorporation provides for mandatory indemnification rights, subject to
limited exceptions, to any person, who, by reason of the
II-1
fact that he or she is a director or officer of Pier 1, or at the request of Pier 1 was
serving as a director, officer, employee, or agent of another entity, is involved in a legal
proceeding of any nature. Such indemnification rights include reimbursement for expenses incurred
by such director, officer, employee, or agent in advance of the final disposition of such
proceeding in accordance with the applicable provisions of the DGCL.
Pier 1 has entered into agreements with all of its directors and certain of its officers
pursuant to which it has agreed to indemnify such directors and officers against liability incurred
by them by reason of their services as a director or officer to the fullest extent allowable under
applicable law.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.
Not applicable.
ITEM 8. EXHIBITS.
The Exhibit Index to this Registration Statement is incorporated by reference in response to this Item 8.
ITEM 9. UNDERTAKINGS.
(a) The Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any reoffer prospectus required by Section 10(a)(3) of the
Securities Act of 1933 (the Securities Act);
(ii) To reflect in the reoffer prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of reoffer prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than 20 percent change in the maximum aggregate offering price set
forth in the Calculation of Registration Fee table in the effective registration
statement; and
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form S-8, and the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports filed with or
furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the
Exchange Act that are incorporated by reference in the registration statement.
II-2
(2) That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(4) That, for the purpose of determining liability of the Registrant under the
Securities Act to any purchaser in the initial distribution of securities:
The Registrant undertakes that in a primary offering of securities of the Registrant
pursuant to this registration statement, regardless of the underwriting method used to sell
the securities to the purchaser, if the securities are offered or sold to such purchaser by
means of any of the following communications, the Registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such purchaser:
(i) Any preliminary reoffer prospectus or reoffer prospectus of the Registrant
relating to the offering required to be filed pursuant to Rule 424;
(ii) Any free writing reoffer prospectus relating to the offering prepared by
or on behalf of the Registrant or used or referred to by the Registrant;
(iii) The portion of any other free writing reoffer prospectus relating to the
offering containing material information about the Registrant or its securities
provided by or on behalf of the Registrant; and
(iv) Any other communication that is an offer in the offering made by the
Registrant to the purchaser.
(b) The Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the registrants annual report pursuant to Section 13(a) or Section
15(d) of the Exchange Act that is incorporated by reference in this registration statement shall be
deemed to be a new registration statement relating to the securities offered herein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer or controlling person of the Registrant in the successful defense of any
action, suit, or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Fort Worth and the State of Texas, on
June 22, 2006.
|
|
|
|
|
|
PIER 1 IMPORTS, INC.
|
|
|
By: |
/s/ Marvin J. Girouard
|
|
|
Marvin J. Girouard |
|
|
Chairman and Chief Executive Officer |
|
|
Each
person whose signature appears below hereby severally constitutes and appoints Marvin J. Girouard and Charles H. Turner and each of them acting singly, as his or her true and lawful
attorney-in-fact and agent, with full and several power of substitution and resubstitution, to sign
for him or her and in his or her name, place and stead in any and all capacities indicated below,
the Registration Statement on Form S-8 filed herewith and any and all post-effective amendments and
supplements to the said Registration Statement, and to file the same, with exhibits thereto and
other documents in connection therewith, with the Securities and Exchange Commission, granting unto
said attorney-in-fact and agent, full power and authority to do and perform each and every act and
thing requisite and necessary fully to all intents and purposes as he or she might or could do in
person hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her
substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities and on the date indicated below.
|
|
|
|
|
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/ Marvin J. Girouard
Marvin J. Girouard
|
|
Chairman and Chief Executive Officer
|
|
June 22 , 2006 |
|
|
|
|
|
/s/ Charles H. Turner
Charles H. Turner
|
|
Executive Vice President, Finance,
Chief Financial Officer and
Treasurer
|
|
June 22 , 2006 |
|
|
|
|
|
/s/ Susan E. Barley
Susan E. Barley
|
|
Principal Accounting Officer
|
|
June 22 , 2006 |
|
|
|
|
|
/s/ John H. Burgoyne
John. H. Burgoyne
|
|
Director
|
|
June 22 , 2006 |
|
|
|
|
|
/s/ Dr. Michael R. Ferrari
Dr. Michael R. Ferrari
|
|
Director
|
|
June 22, 2006 |
|
|
|
|
|
/s/ James M. Hoak, Jr.
James M. Hoak, Jr.
|
|
Director
|
|
June 22, 2006 |
|
|
|
|
|
/s/ Karen W. Katz
Karen. W. Katz
|
|
Director
|
|
June 22, 2006 |
|
|
|
|
|
/s/ Terry E. London
Terry E. London
|
|
Director
|
|
June 22, 2006 |
|
|
|
|
|
/s/ Tom M. Thomas
Tom M. Thomas
|
|
Director
|
|
June 22, 2006 |
II-4
EXHIBIT INDEX
|
|
|
|
|
Exhibit No. |
|
Description |
4.1 |
|
|
Indenture dated February 14, 2006 and Form of 6.375% Convertible Senior Notes due 2036, among
Pier 1 Imports, Inc., the Subsidiary Guarantors parties thereto and JPMorgan Chase Bank,
National Association, incorporated herein by reference to Exhibit 4.1 to the Companys Form
8-K filed February 16, 2006 |
|
|
|
|
4.2 |
|
|
Registration Rights Agreement dated February 14, 2006, among Pier 1 Imports, Inc., the
Guarantors parties thereto and the Initial Purchaser named therein, incorporated herein by
reference to Exhibit 4.3 to the Companys Form 8-K filed February 16, 2006 |
|
|
|
|
*5 |
|
|
Opinion of Winstead Sechrest & Minick P.C. as to the legality of the Registrants Common
Stock |
|
|
|
|
*23.1 |
|
|
Consent of Winstead Sechrest & Minick P.C. (included in the Opinion filed as Exhibit 5
hereto) |
|
|
|
|
*23.2 |
|
|
Consent of Ernst &Young LLP, independent registered public accounting firm |
|
|
|
|
24 |
|
|
Power of Attorney (set forth on the signature page hereof) |
|
|
|
|
99.1 |
|
|
Pier 1 Imports, Inc. Management Restricted Stock Plan, incorporated herein by reference to
Exhibit 10.5.1 to the Registrants quarterly report on Form 10-Q filed with the Commission on
July 7, 2005 |
|
|
|
|
99.2 |
|
|
Form of Restricted Stock Agreement, incorporated herein by reference to Exhibit 10.5.2 to the
Registrants quarterly report on Form 10-Q filed with the Commission on July 7, 2005 |
II-5