Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Termination of Certain Executive Officers

On May 19, 2020, Pier 1 Imports, Inc. (the "Company") filed in the United States Bankruptcy Court for the Eastern District of Virginia a motion seeking approval of a plan to wind down the Company's business (the "Wind-Down Plan") in view of current business conditions and the absence of the necessary investor or acquirer interest and financial resources to allow the Company to reorganize.

The Wind-Down Plan budget prepared by the Company contemplates, among other things, that the employment of certain of the Company's executive officers will be terminated by the Company on specified future dates. At this time, it is expected that the employment of the following individuals will terminate on or about the indicated dates:





  William H. Savage  Executive Vice President, Chief Global   June 1, 2020
                     Supply Chain Officer
  Donna N. Colaco    President                                July 31, 2020
  Mark R. Haley      Executive Vice President, Store Sales &  October 31, 2020
                     Operations
  Robert J. Riesbeck Chief Executive Officer and Chief        November 30, 2020
                     Financial Officer

The Wind-Down Plan budget also contemplates that each of the named individuals will, as the Company announced on March 24, 2020, continue to be subject to a 50% pay reduction. No material amendment, grant or award, or modification thereto, under any compensatory plan, contract or arrangement to which the named individuals are parties is being made in connection with these actions.

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