The home décor retailer late on Thursday, July 9, filed a notice that Retail Ecommerce’s $31 million final offer had won the IP. Pier 1 Imports Online Inc., a Retail Ecommerce affiliate, initially offered $20.08 million.
The San Francisco company of entrepreneurs Alex Mehr and Taino Lopez late last year paid about $5 million for the Dressbarn IP of Ascena Retail Group Inc. (ASNA) after Ascena shut the brand down. Ascena reportedly is close to a Chapter 11 filing.
Pier 1 on Thursday also named Washington Prime Group Inc. (WPG) the winning bidder for three leases with a $109,271 total credit bid and waiver of $184,207 in rent through Oct. 31.
Pier 1 is winding down after entering bankruptcy Feb. 17 in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond. The Fort Worth company is set on July 15 to seek sale approval and on July 30 to pursue confirmation of its liquidation plan.
Pier 1 initially planned to sell its assets but shifted to a liquidation after the coronavirus pandemic disrupted its sale process.