Item 8.01 Other Events.

On January 7, 2013, Charles H. Turner, the Senior Executive Vice President and Chief Financial Officer of Pier 1 Imports, Inc. (the "Company"), adopted a 10b5-1 stock trading plan. Mr. Turner's plan provides for the sale of shares of the Company's common stock owned by Mr. Turner and shares of the Company's common stock to be received by Mr. Turner upon exercise of options granted to Mr. Turner on September 25, 2003. Under the plan, beginning on February 1, 2013, a brokerage firm will be authorized to sell a certain number of shares periodically provided the stock price is above certain levels, and the brokerage firm will be authorized to periodically exercise Mr. Turner's stock options and sell the issued shares provided the stock price is above certain levels. The plan expires on July 31, 2013. The maximum number of shares that can be sold over the duration of the plan is 118,000 shares, which number includes 100,000 shares to be received upon exercise of stock options.

The foregoing trading plan is intended to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the Company's insider trading policy. Rule 10b5-1 allows individuals who are not in possession of material, non-public information at the time a stock trading plan is adopted to establish prearranged written plans to buy or sell a specified number of shares of a company's stock. Trading under the foregoing plan is generally based on reaching certain pre-determined minimum price conditions. The foregoing trading plan provides for sales over a set period of time with the goals of minimizing any market impact from such stock sales and gradually diversifying the individual's investment portfolio, while maintaining such individual's compliance with the Company's voluntary stock ownership guidelines.

Transactions under the foregoing trading plan will be disclosed publicly through Form 4 and Form 144 filings with the Securities and Exchange Commission, to the extent required by law.