Pier 1 Imports and Chase Agree to New Contract

Pier 1 Imports, Inc. PIR, through a subsidiary, and Chase Bank USA, N.A. have entered into a new agreement, replacing and shortening their 2006 marketing and servicing agreement for the operation of the Pier 1 Imports private-label credit card. Under the new agreement, Pier 1 Imports will receive a lump-sum payment from Chase in December 2010 and will continue to receive ongoing payments based on credit card sales.