Pier 1 in deal to sell its e-commerce business, intellectual assets
Pier 1 Imports has accepted a raised offer for its intellectual property, data and online-related assets.
Retail Ecommerce Ventures LLC will purchase the bankrupt home décor assets for $31 million, according to court documents, which is up from its earlier offer of $20 million. The sale is subject to court approval.
Pier 1 filed for bankruptcy in February, with plans to close about half its stores and pursue a sale. But in May, it announced it would close all its stores and liquidate after after being unable to find a buyer.