Pier 1 to Sell IP for $30 million

Pier 1 Imports (Fort Worth, Texas) will sell all of its owned intellection property, data and e-commerce-related assets to Pier 1 Imports Online for $31 million, reports Retail Dive. Retail Ecommerce Ventures will serve as guarantor.

Private equity firm Sycamore Partners Management, a New York-based private equity firm with investments in Belk, Aeropostale, Staples and other retailers, will serve as the backup bidder.