Exhibit 99.1


                     Pier 1 Imports, Inc. Initiates Lawsuit


    FORT WORTH, Texas--(BUSINESS WIRE)--Feb. 12, 2007--Pier 1 Imports,
Inc. (NYSE:PIR) announced today that it has filed suit in state
District Court in Fort Worth, Texas against The TJX Companies, Inc.
("TJX") of Framingham, Massachusetts seeking among other things a
temporary restraining order to prevent further interference by TJX
with the employment of Pier 1's new President and Chief Executive
Officer, Alex Smith. Mr. Smith was formerly a senior executive officer
of TJX.

    "We had no choice but to take legal action to protect Pier 1
against further interference by TJX with our employment arrangement
with our new President and CEO, Alex Smith," said Tom Thomas, a member
of Pier 1's Executive Committee. "TJX has been threatening Alex with
legal action in an effort to prevent his reporting for work at Pier 1
next Monday. Since Pier 1 is not a competitor with any of the TJX
companies, those threats are improper. The lawsuit we filed was
necessary to assure that Alex will be at his post next Monday to
oversee the beginning of Pier 1's return to profitability."

    Pier 1 has a policy against verbally commenting outside of the
legal process on litigation to which the Company is a party.

    Any forward-looking projections or statements made in this press
release should be considered in conjunction with the cautionary
statements contained in the Company's most recently filed report on
Form 10-Q. Management's expectations and assumptions regarding planned
store openings, financing of Company obligations from operations,
results from its new marketing, merchandising and store operations
strategies, and other future results are subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from the anticipated results or other expectations
expressed in the forward-looking statements. Risks and uncertainties
that may affect Company operations and performance include, among
others, the effects of terrorist attacks or other acts of war,
conflicts or war involving the United States or its allies or trading
partners, labor strikes, weather conditions or natural disasters,
volatility of fuel and utility costs, the general strength of the
economy and levels of consumer spending, consumer confidence, the
availability of appropriate sites for locating stores and distribution
centers, availability of a qualified labor force and management, the
availability and proper functioning of technology and communications
systems supporting the Company's key business processes, the ability
of the Company to import merchandise from foreign countries without
significantly restrictive tariffs, duties or quotas and the ability of
the Company to source, ship and deliver items from foreign countries
to its U.S. distribution centers at reasonable prices and rates and in
a timely fashion. Refer to the Company's most recent SEC filings for
discussion of these and other risks and uncertainties that may affect
the Company's operations and performance. The Company assumes no
obligation to update or otherwise revise its forward-looking
statements even if experience or future changes make it clear that any
projected results expressed or implied will not be realized.

    Pier 1 Imports, Inc. is North America's largest specialty retailer
of imported decorative home furnishings and gifts with Pier 1
Imports(R) stores in 49 states, Puerto Rico, Canada, and Mexico and
Pier 1 kids(R) stores in the United States. Information about the
Company is available on www.pier1.com.



    CONTACT: Pier 1 Imports, Inc.
             Cary Turner, 817-252-8400