After parting ways with Abercrombie & Fitch Co. and the world of upscale casual apparel, in-house veteran Robert Bostrom has joined the realm of home furnishings and decor as Pier 1 Imports Inc.'s new executive vice president, chief legal and compliance officer and corporate secretary.

Bostrom, 66, stated last year that he would be leaving Abercrombie to “pursue new challenges.”  Pier 1 checks that box.

The Fort Worth, Texas-based company's stock price has dipped below $1 a share as it continues to lose ground to online retailers. Its recent third-quarter earnings report showed that sales had declined by nearly 12 percent and its operating income had fallen into the red by $28.9 million, prompting analysts to call Pier 1 a “dumpster fire,” according to Markets Insider.

In December, Pier 1 CEO Alasdair James stepped down as his three-year plan to revive the struggling company was faltering, according to Reuters. His temporary replacement, Cheryl Bachelder, said in a statement at the time of James' departure that his plan, which had been dubbed “A New Day,” had failed to deliver “the desired results fast enough.”

“We will need to promptly narrow our strategic focus and hone our execution in a way that reinvigorates our top-line sales,” she added.

In announcing Bostrom's hiring on Wednesday, Bachelder touted his nearly four decades of legal and corporate governance experience, which she asserted would benefit Pier 1 as the company claws its way back to “restore sales growth and improve profitability.”

Bostrom, who began his new role immediately, stated that he looked “forward to partnering with both the leadership team and board and leveraging my industry experience.”

He added, “I believe Pier 1 has a tremendous heritage, an inclusive culture focused on success and the underlying operational strength that will position us to drive improved performance over the long term.”

Bostrom received a one-time award of 657,894 shares of restricted common stock in Pier 1 with a value of $375,000, based on the 30-day trailing average of the closing price of the company's common stock as of Jan. 23. On Thursday, the stock had increased by more than 9 percent since Bostrom's hiring and was selling at about 96 cents a share.

Bostrom had worked at Abercrombie & Fitch, which is headquartered in New Albany, Ohio, since 2014, serving as senior VP, GC and corporate secretary until September 2018, when he transitioned to the role of special counsel while still maintaining his senior VP position.  

He leaves Abercrombie as the company rebounds from tough times in the not-too-distant past. After a dramatic fall in 2016 that sparked talk of the lifestyle brand's demise, the company is posting solid quarterly earnings numbers and its stock is on the upswing due, at least in part, to store closures and rebranding efforts focused on digital sales.

Bostrom also has served as chief lawyer for Freddie Mac and National Westminster Bancorp and had several stretches in Big Law leadership roles at the international firms of Winston & Strawn, Greenberg Traurig and SNR Denton, now Dentons, according to his LinkedIn profile.

He is a graduate of Boston College Law School and has a master's degree in international affairs from Columbia University School of International and Public Affairs.

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