At the result of an auction that was part of the company’s bankruptcy liquidation process, Pier 1 Imports announced in a United States Securities and Exchange Commission filing that Retail Ecommerce Ventures had won its intellectual property for $31 million.
Sycamore Partners Management is the backup bidder in the process.
Retail Ecommerce Ventures raised its price at the auction from an earlier proposed acquisition of the intellectual property, which includes the Pier 1 e-commerce business. In a July 6 SEC filing, Pier 1 noted that Retail Ecommerce Ventures agreed to purchase all owned intellectual property and data, and other assets related primarily to the e-commerce business, excluding third-party software, for a total purchase price of $20.1 million, subject to adjustment only for estimated taxes. However, Pier 1 pointed out that it could consider better offers in the auction, which was held on July 8.