Pier 1 Announces Employment Inducement Award Pursuant to NYSE Rule 303A.08

Pier 1 Imports, Inc. (NYSE:PIR) today announced that in connection with the appointment of Cheryl A. Bachelder as the Company’s Interim Chief Executive Officer on December 18, 2018, Ms. Bachelder received a one-time award of 729,927 shares of restricted common stock on December 28, 2018, having a value of $1,000,000 based on the 30-day trailing average of the closing price of Pier 1 Imports, Inc. common stock as of December 18, 2018. The shares will vest in equal annual installments on the first, second and third anniversaries of the grant date, subject to Ms. Bachelder’s continued service as a director of the Company. The restricted shares will become fully vested in the event her service as a director is terminated for any reason other than her voluntary retirement or voluntary decision not to stand for re-election to the Board of Directors. These shares have been granted in reliance on the employment inducement exception to shareholder approval provided under New York Stock Exchange Listing Rule 303A.08.

About Pier 1

Pier 1 Imports is proud to offer one-of-a-kind-gotta-have-it-seriously-love-it products that help our customers tell their stories through home décor. Over the past 50 years we’ve grown from a single store to an omni-channel retailer reaching the whole of North America. Our customers shop us online and in store, and interact with us on social media. From the launch of our Pier 1 PICKS to our world renowned Papasan, we bring uniqueness and fun to the world of home décor. We are the perfect place for all your versions of “This is me.” To get inspired or simply get to know us a little better, visit pier1.com.

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