Pier 1 Imports gets $31 million winning bid for intellectual property

By Caroline Salls

Pittsburgh, July 13 – Pier 1 Imports, Inc. announced in a notice filed with the U.S. Bankruptcy Court for the Eastern District of Virginia that Retail Ecommerce Ventures LLC was the winning bidder for its intellectual property.

The notice said Retail Ecommerce has agreed to pay $31 million for the Pier 1 intellectual property.

Sycamore Partners Management, LP is the backup bidder. The amount of the backup bid was not disclosed.

The sale hearing is scheduled for July 15.

Pier 1 is a Fort Worth-based importer of home decor and furniture. The company filed bankruptcy on Feb. 17 under Chapter 11 case number 20-30805.

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