Wednesday, Pier 1 Imports Inc. (PIR) said its $61.3 million 9% convertible senior notes due 2036, which were issued in August 2009, have been fully converted into shares of its common stock. In connection with this conversion, the company made cash payments to holders of the convertible debt in the amount of $14.8 million for accrued and additional make whole interest and issued slightly less than 24.5 million shares upon conversion settlement.
As a result, during the third quarter, the company will incur one-time, non-operating charges totaling approximately $18 million to record amortization of debt issuance costs, debt discounts, derivative market adjustments and additional make-whole interest. At end of the third quarter, the company expects that its remaining long-term debt will be approximately $35.6 million, including $19 million in industrial revenue bonds and $16.6 million of 6.375% convertible senior notes due 2036.
Pier 1 Imports Inc., together with its subsidiaries, operates as a specialty retailer of imported decorative home furnishings, gifts, and related items. Its stores offer furniture, decorative home furnishings, dining and kitchen goods, epicurean products, bath and bedding accessories, candles, and other specialty items for the home.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.