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Pier 1 approves buyback of up to $200M shares

FORT WORTH, Texas (AP) -- Pier 1 Imports will buy as much as $200 million of its own shares.

The retailer's stock took a pounding after it reported last month that second-quarter profit fell 32 percent. Those shares, if bought today, could be acquired at a 5 percent discount compared with the price before the most recent quarterly results were reporter.

Yet the company's share price did begin to rebound last week. Shares have gained almost 7 percent since last Wednesday.

The Fort Worth, Texas, company had about 103.8 million outstanding shares as of Thursday.

Pier 1 Imports Inc. also announced Friday that board member John Burgoyne won't stand for re-election at its 2014 annual shareholders meeting in June. The board also named Cynthia P. McCague, Michael A. Peel and Ann M. Sardini as directors.

McCague retired from Coca-Cola Co. in May 2010. She had served as senior vice president and director of global human resources. Peel is vice president of human resources and administration at Yale University. He previously worked at consumer products company General Mills. Sardini most recently served as chief financial officer of Weight Watchers International Inc. She retired in 2012.