Marvin Girouard, chairman and chief executive officer of Pier 1 Imports, said yesterday in a conference call that the retail store may have to consider selling its credit card operations.
The conference call was a planned call to discuss operational results which were released on Thursday. In the earnings statement, Pier 1 said that it had overstated cash flow related to securitizations involving credit card receivables and that a restatement would be coming.
Girouard , however, did not that the company has benefited from owning its own bank and that the credit card operations have been successful.
