Pier 1 Imports eyes OK of $18.01 million Mansfield property sale

By Caroline Salls

Pittsburgh, July 8 – Pier 1 Imports Inc. requested court approval of the proposed $18.01 million private sale of its property in Mansfield, Tex., according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of Virginia.

Lonejack II LLC is the buyer for the Mansfield property.

In addition, Pier 1 is seeking court approval to pay stalking horse bidder 2200 Heritage Owner LLC a 2% break-up fee and $25,000 due diligence expense reimbursement in connection with the sale to Lonejack.

The company said Lonejack was designated the winning bidder following a multi-round sealed bid auction.

A hearing is scheduled for July 23.

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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