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August 31, 2006

Chase Buys Pier 1 Credit Card Business for $155 Million
Home furnishings chain Pier 1 Imports announced Wednesday the sale of its credit card business to Chase for $155 million. For its money Chase receives about one million active Pier 1 accounts with about $140 million in balances. The Pier 1 Preferred Card will continue to be offered to customers, and Pier 1 will receive additional ongoing payments based on credit card sales, new account generation and other credit-related activities.

According to the two companies, Chase will also provide help on customer marketing initiatives designed to increase Pier 1's retail sales & profitability, although no details were provided on exactly how Chase might accomplish this.

The transaction has been approved by both companies and is expected to close in the fourth quarter of 2006.

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