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Friday, September 22, 2006

Danish Investor Jacobsen Enters Confidentiality Agreement with Pier 1 (PIR)

From 13D Tracker

In an amended 13D filing Pier 1 Imports Inc. (NYSE: PIR) Jakup a Dul Jacobsen disclosed a 9.82% stake (8.6 million shares) in the company. On September 19, 2006, Lagerinn ehf and the company entered into a Confidentiality Agreement .

Pursuant to the terms of the Confidentiality Agreement and in connection with Lagerinn's consideration of a possible negotiated transaction with the company, Pier 1 agreed to make available to Lagerinn certain Evaluation Material.Lagerinn ehf, run by Danish investor Jakup a Dul Jacobsen, franchises home furnishings chain JYSK (yi-sk). JYSK has 1000 JYSK stores worldwide, including 25 in Canada.

In March of 2006, Pier 1 sold its England-based subsidiary The Pier Retail Group Limited to a wholly owned subsidiary of Lagerinn for approximately $15 million.

Jacobsen also owns stakes in other US retailers, including a 10% stake in Cost Plus (Nasdaq: CPWM) and a 13.6% stake in Linens N' Things (13.6%).

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