Bankrupt Pier 1 Imports has reportedly found a buyer to pick up its e-commerce business and intellectual property in a $20 million cash deal.

Retail Ecommerce Ventures LLC is the stalking horse bidder to purchase Pier 1’s intellectual property, data, and other e-commerce related assets, according to a Securities and Exchange Commission filing.

Retail Ecommerce Ventures is the same company that acquired the brand assets of Dressbarn from Ascena Retail Group in 2019.

As the stalking horse bidder, Retail Ecommerce will go up against any higher bids for Pier 1’s e-commerce assets in a bankruptcy auction on Wednesday. The sale is expected to be approved on July 30, in the U.S. Bankruptcy Court in Richmond, Virginia.

In addition, Pier 1 is shuttering all of its brick and mortar stores after filing for bankruptcy in February. The company has about 540 stores that will permanently close following liquidation sales.

The delay in liquidating its stores was due to the coronavirus pandemic, which forced Pier 1 to temporarily close locations during stay-at-home orders before the sales. To date, the home goods retailer currently has its “Going Out of Business” sale posted on its website, indicating that only a few more weeks are left of the online blowout of its merchandise.

When Pier 1 filed for Chapter 11 bankruptcy protection, it was forced by its lenders to close all of its locations instead of restructuring as they walked away from potentially taking over the company, the Wall Street Journal reported. The company had initially planned to sell its assets through an auction.

Pier 1 Imports
After announcing that it would be closing 45 stores, Pier 1 Imports filed bankruptcy. A Pier 1 Imports sign is seen on April 19, 2019 in Miami, Florida. The company announced that it's shuttering as many as 45 locations this year or up to 15% of stores if they are unable to reach performance goals, sales targets, and reductions in occupancy and other costs. Getty Images/Joe Raedle
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