FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(Print or Type Responses)

1. Name and Address of Reporting Person * GREEK INVESTMENTS INC   2. Issuer Name and Ticker or Trading Symbol PIER 1 IMPORTS INC/DE [PIR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) PO BOX 10908, CAPARRA HTS STATION 3. Date of Earliest Transaction (Month/Day/Year) 07/27/2011 (Street) SAN JUAN, PR 00922 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, par value $0.001 per share 07/27/2011   J(1)   12,348,978 D $ 0 (1) 12,348,978 (1) D (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
GREEK INVESTMENTS INC PO BOX 10908 CAPARRA HTS STATION SAN JUAN, PR 00922		X
CONSTANTINO PANAYOTIS ZALOKOSTA 14 PALEO PSIHIKO ATHENS, J3 15452		X
MILANY Ltd P.O.BOX 1586 GT 24 SHEDDEN ROAD GEORGE TOWN, E9 KY11110		X
ELEONAS LTD P.O. BOX 1586 GT 24 SHEDDEN ROAD GEORGE TOWN, E9 KY1-1110		X
NISOS PURPOSE TRUST P.O. BOX 1586 GT 24 SHEDDEN ROAD GEORGE TOWN, E9 KY1-1110		X
AMCO PTC P.O. BOX 1586 GT 24 SHEDDEN ROAD GEORGE TOWN, E9 KY1-1110		X
CONSTANTINO JORGE ZALOKOSTA 14 PALEO PSIHIKO ATHENS, J3 15452		X

Signatures

/s/ Panayotis Constantino		07/28/2011
**Signature of Reporting Person		Date
/s/ Jorge Constantino		07/28/2011
**Signature of Reporting Person		Date
Greek Investments, Inc., By: /s/ Panayotis Constantino, Its: Director		07/28/2011
**Signature of Reporting Person		Date
Milany Limited, By: Fay Anne De Freitas & Ashleigh Moore - Directors		07/28/2011
**Signature of Reporting Person		Date
Eleonas Ltd, By: Fay Anne De Freitas & Ashleigh Moore - Directors		07/28/2011
**Signature of Reporting Person		Date
NISOS Purpose Trust, AMCO PTC as Trustee, By: Brian Taylor & Piers Stradling - Directors		07/28/2011
**Signature of Reporting Person		Date
AMCO PTC, By: Brian Taylor & Piers Stradling - Directors		07/28/2011
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	12,348,978 shares of common stock, par value $0.001 of the Issuer (the "Shares") are held in the name of Greek Investments. On July 27, 2011, the ownership of Greek Investments was transferred into a trust structure wherein Greek Investments is owned indirectly by the Nisos Trust, AMCO as trustee of the Nisos Trust, through two wholly-owned companies, Eleonas and Milany.
Remarks: This Form 4 is filed jointly by Greek Investments, Inc., a Turks and Caicos company ("Greek Investments"), Panayotis  Constantinou, a Venezuelan citizen ("P. Constantinou"), Jorge Constantinou, a Venezuelan citizen ("J. Constantinou"), Milany  Limited, a Cayman Islands exempted company ("Milany"), Eleonas Ltd, a Cayman Islands exempted company ("Eleonas"), the Nisos  Purpose Trust (the "Nisos Trust"), and AMCO PTC, a Cayman Islands exempted company ("AMCO"), as trustee on behalf of the  Nisos Trust (Greek Investments, P. Constantinou, J. Constantinou, Milany, Eleonas, the Nisos Trust and AMCO are each  referred to as a "Reporting Person") as ten percent beneficial owners of Pier 1 Imports, Inc. (the "Issuer"). P.  Constantinou and J. Constantinou have signatory authority over the trading account of Greek Invesments. The principal  address of P. Constantinou and J. Constantinou is Zalokosta 14, Paleo Psihiko, Athens 15452, Greece. The principal address  of Milany, Eleonas, the Nisos Trust and AMCO is P.O. Box 1586 GT, 24 Shedden Road, George Town, Grand Cayman, KY1-1110. The  principal address of Greek Investments is Harbour House Queen Street, Grand Turk, Turk and Caicos Islands. The mailing  address is set forth above. P. Constantinou, J. Constantinou and AMCO each disclaim beneficial ownership of the securities  listed herein reported as beneficially owned by any such Reporting Person in excess of their pecuniary interest in such  securities, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of  such securities for purposes of Section 16 or for any other purpose.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.