Pier 1 Imports, Inc. announced that on January 6, 2020, the board of directors of the company resolved to increase the size of the Board from nine to eleven directors and elected Ms. Pamela Corrie and Mr. Steven Panagos to serve as directors, effective immediately. Ms. Corrie has been named as a member of the Compensation Committee of the Board. Mr. Panagos has been named as a member of the Compensation Committee and Audit Committee of the Board. Pamela Corrie will serve as a director of the company. Ms. Corrie served as a consultant to the Board from December 13, 2019 until her appointment to the Board. Ms. Corrie has served as a Managing Director at Carl Marx Advisors since February 2018, a restructuring attorney, and a business leader with over 25 years of experience in complex in-and-out of court restructurings. She has significant experience helping companies facing challenges associated with organizational and capital structures, as well as market changes, to increase profitability. Ms. Corrie recently served as Chief Restructuring Officer of ABC Carpet and Home from June 2017 to May 2019. There she assisted in the business evaluation, refined and implemented a transformative business plan that included the sale of substantial real estate assets, executed on the metamorphosis of the business into a smaller retail footprint, reinvigorated the company’s merchandising plan, and provided recommendations to mitigate risks and maximize value. Previously, Ms. Corrie was the Managing Director/Chief Executive Officer of Epiq Systems from April 2015 to November 2016. There, she was tasked with reinvigorating the corporate restructuring division of the legal services company to facilitate its sale. Prior to her tenure at Epiq, Ms. Corrie was the General Counsel and Chief Legal Advisor to the Risk organization at General Electric Capital Corporation, Americas Division (GE Capital) from 2003 to 2015. There she built and managed a team of attorneys providing legal advice on all facets of complex workouts, restructurings, bankruptcies and litigations. Prior to joining GE Capital, Ms. Corrie worked in the corporate restructuring group at the law firm of Weil, Gotshal & Manges LLC from 1986 to 1997. Ms. Corrie’s practice focused on complex restructuring and bankruptcies, in which capacity she represented debtors, large institutional creditors, and creditors’ committees. Steven G. Panagos will serve as a director of the company. Mr. Panagos served as a consultant to the Board from December 13, 2019 until his appointment to the Board. Mr. Panagos has served as a member of the board of trustees of SMTA since May 2018 which converted to a liquidating trust on January 1, 2020. Mr. Panagos continues to serve on the board of trustees of the SMTA Liquidating Trust. Mr. Panagos served as Managing Director and Vice Chairman of the Recapitalization & Restructuring Group at Moelis & Company from April 2009 to June 2018, when he retired. Mr. Panagos has a long and distinguished career of leading complex bankruptcies and reorganizations for both companies and their creditors across a broad spectrum of industries. To date, Mr. Panagos has restructured more than $100 billion worth of debt across more than 80 situations and has provided expert testimony regarding valuation and restructuring matters. Prior to joining Moelis & Company, Mr. Panagos was the National Practice Leader of Kroll Zolfo Cooper’s Corporate Advisory & Restructuring Practice where, among other roles, he served as Interim Chief Executive Officer and Chief Restructuring Officer of Penn Traffic Supermarkets (2003-2004); President and Chief Operating Officer of Krispy Kreme Doughnuts (2005-2006) and Chief Restructuring Officer and member of the special committee of the board of directors of Metromedia Fiber Network (2002-2003).