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.
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