Pier 1 Imports Attracts a $20 Million Bid
Pier 1 Imports has found a potential buyer for its name.
As the retailer holds liquidation sales as its bankruptcy winds down, Retail Ecommerce Ventures, which purchased the intellectual property of Dress Barn, has entered into an agreement to pay more than $20 million for the intellectual property and data of Pier 1 and its e-commerce business.
Pier 1 said in a filing, it has received offers from other parties and will consider higher and better offers, including as part of the upcoming auction of its assets scheduled to occur on or about July 8. If no better offers are presented, Retail Ecommerce Ventures’ bid will be approved at the hearing scheduled for July 30.
Dressbarn began closing sales last November and sold the intellectual property assets of Dressbarn and transitioned its e-commerce business to a subsidiary of Retail Ecommerce Ventures LLC. The new website platform launched on Jan 1, 2020, and since then, in addition an app rollout, the Dressbarn website underwent updated site design and branding.