Pier 1 clarified his statement by saying that beginning in May, Pier 1 agreed to provide confidential financial data "to several entities for the purpose of permitting those entities to consider a possible transaction with Pier 1, one of which was the investor to which reference was made in the articles.

"To date, Pier 1 has received one preliminary indication of interest, but the entity submitting that indication of interest subsequently advised Pier 1 it would not continue further discussions with Pier 1 regarding a possible transaction. Pier 1 has had no other substantive discussions, to date, with any of the other entities regarding a possible transaction. Pier 1, therefore, cannot predict whether or when any of these remaining entities will propose a possible transaction, or, if proposed, whether the terms, including the proposed price, would be acceptable to Pier 1's board of directors and its shareholders. Pier 1 makes no prediction whatsoever as to when, if ever, Pier 1's Board will reach an agreement with respect to a proposed transaction."

Companies referred to in story:

Stock %Chg Industry Mkt Cap Pier 1 $6.35 +6.90% Specialty $562.3M Quote data as of: 03/31/2008 12:07 PM