Danish retail mogul Jakup Jacobsen reportedly is prepping a bid for troubled U.S. home-furnishings chain Pier 1 Imports, according to Reuters.
It is not the first time Jacobsen, a minority investor in Pier 1, has been rumored as a bidder for the retailer best known for its wicker and rattan home furnishings. The speculation first began in March when he bought Pier 1's British and Irish operations. He plans to make an offer for the rest of the company shortly, the sources told Reuters. Of course, the story was light on details of the planned offer, and lacked comments from Jacobsen, who could not be reached.
Pier 1 has fallen on hard times over the last year as discount retailers push further into the home-furnishings market. Pier 1's attempts to go more upscale and introduce more furniture has only exacerbated its troubles. In May, the retailer hired J.P. Morgan to sell itself, but it has received almost no interest, according to The Deal's Auction Block newsletter. Dealscape has suggested that Sears Holdings, which is reportedly seeking acquisitions, might be a good buyer for Pier 1, but there have been no formal talks reported. —Matthew Wurtzel
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