While most of the rest of the home furnishings retailing world (with the exception of Bed Bath & Beyond) is benefiting from favorable demographics, housing trends and the overall economy, Pier 1 Imports is mired in a continuing slide in the deep water of a retail quagmire. Is a new ad campaign and a three-year plan enough to turn this ship around? And do they have three years to do it? Could it be another case of stupid retailing? Read my take on this whole thing on Forbes.com.