Intermark to Sell Pier 1 Stake: Under...
From Times Staff and Wire Reports
Intermark to Sell Pier 1 Stake: Under increasing pressure from banks to pay off loans, Intermark said it plans to sell 9 million of its 12.5-million common share (52%) stake in Pier 1 Imports in a public stock sale, a deal that could raise more than $60 million. Intermark, a La Jolla-based holding company, has been hit hard in recent months by losses and its own falling stock price. Chief Financial Officer James Iaco said the company decided to sell the shares to raise cash to pay a $27-million loan. Pier 1 Imports stock closed at $7.125 a share, down 75 cents on the NYSE. At that price, the offering would raise about $63 million in gross proceeds.
