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"Struggling home decor retailer Pier 1 Imports Inc. (PIR.N: Quote, Profile , Research) on Tuesday said Alex Smith, who was most recently senior executive vice president with TJX Cos. Inc. (TJX.N: Quote, Profile , Research), would become chief executive and president on February 19, and its shares rose 4 percent in early trading.

As CEO, Smith succeeds Marvin Girouard, whose planned retirement after nearly 32 years with the company had been previously announced.

The management change at Pier 1 comes after seven consecutive quarterly losses. They company has suffered from a slowing housing market and increased competition from specialty retailers and discount retailers like Target Co. (TGT.N: Quote, Profile , Research)"
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