Pier 1 OK'd For $18M Asset Sale After Stalking Horse Outbid

Law360 (July 23, 2020, 4:59 PM EDT) -- Home decor retailer Pier 1 Imports Inc. received a Virginia bankruptcy judge's approval Thursday to sell a Texas distribution center for about $18 million in a deal that significantly improved on a baseline offer from a stalking horse bidder.

During a hearing conducted via phone and video conferencing, U.S. Bankruptcy Judge Kevin R. Huennekens approved the sale to Lonejack II LLC after hearing from the debtor that the transaction represented the highest and best offer for the assets.

Pier 1 attorney Joshua M. Altman of Kirkland & Ellis LLP said Lonestar's bid added more than $3 million to the purchase price...

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