"I haven't had a raise in three years. Senior management has not had a raise in a few years," Girouard said. "That's gotten us into some management-retention issues."
Let us all take a moment and feel sorry for Mr. Girouard.... <moment pause>.... Okay, they just borrowed 165 million dollars, and they also approved the new stock incentive plan, and management restricted stock plan.
Are you sure all you longs are sitting down for this...
The stock incentive plan was for a total of 13.2 MILLION SHARES for an equivalent price of 100.345 MILLION dollars!!!
The restricted plan was for a total of 415 Thousand sahres for a total of 3.1 Million dollars.
Marvin was just given 300,000 of those shares in stock options.
I wonder how many candles they have to sell to make up that amount?
"You've lost money on your investment, I've lost a lot of money on my investment. I lost more than you have only because I had more to start with," Girouard told shareholders. "I don't have a portfolio," he complained. "My portfolio is exclusively Pier 1 Imports."
Hmmm, I guess he temporarily forgot he was a Director over at Brinker and was given 7K+ shares in January.... Doooh!!!
Gee $4.50 is lower than the Wall Street Journal had in its money and investing section today. I think that their high estimate is too low at $10.27. The CEO will fight tooth and nail to retain control at that price and it appears that the board still backs his efforts. We will have to wait and see. I think that PIR still has the ability to come back thou. The merchandise is moving in the right direction and they have better advertising.