Pier 1 Imports Inc. (PIR) - Get Report was tumbling more than 14% in premarket trading Thursday, Dec. 20, after the retailer said it has begun a "process to evaluate a full range of strategic alternatives to enhance shareholder value" and named board member Cheryl A. Bachelder as interim CEO.

In a press release, Pier 1 said it retained Credit Suisse to assist with the process of evaluating alternatives.

"Clearly the 'New Day' strategic plan did not 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 with a distinctive Pier 1 style and value proposition for our customers, while re-engineering our cost structure for sustainable profitability. I look forward to outlining a new action plan in short order," Bachelder said.

Bachelder will succeed Alasdair B. James, who has stepped down from the company. Pier 1 didn't elaborate further in a statement.

Pier 1's announcements follow third-quarter results that missed analysts' estimates.

The company reported a loss of 62 cents a share, far wider than expectations that called for a loss of 2 cents. Sales in the quarter were $413.2 million - analysts expected $452 million. Comparable-store sales in the period fell 10.5%.