A split allows the company to remain compliant with the NYSE’s minimum share price rules.
The split-adjusted share price jumped from Wednesday's close of $0.68 to a Thursday open of $11.99.
The stock jumped as high as $13.10 Thursday morning before slipping to $11.82.
The company can regain compliance so long as it has a closing price of at least $1 at the end of any calendar month and an average closing price of at least $1 over the proceeding 30 days.
The split shrinks the total number of shares to about 4.2 million from almost 85 million.
Pier 1 operates 965 home decor and accessories stores in the US and Canada.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel