Retail Ecommerce Ventures LLC entered into an asset purchase agreement to acquire e-commerce business from Pier 1 Imports, Inc. (OTCPK:PIRR.Q) on July 1, 2020. Under the terms of the agreement, Retail Ecommerce shall pay an aggregate consideration of the amount of assumed liabilities plus a cash payment of $20.1 million adjusted to the tax apportionment amount. Retail Ecommerce shall make an earnest money deposit in an escrow account for an amount of $2 million. Retail Ecommerce will finance the transaction through internal funds. Pier 1 Imports will pay a break up fee of $0.4 million. The transaction is subject to regulatory approvals and bankruptcy court approvals. The transaction has been approved by bankruptcy court om July 30, 2020. Sheppard, Mullin, Richter & Hampton LLP represented by Will Chuchawat acted as a legal advisor for Retail Ecommerce. Kirkland & Ellis LLP represented by Steve Toth, Mariska Richards, Joshua Altman, Joshua A. Sussberg and Emily E. Geier acted as legal advisor for Pier 1. Retail Ecommerce Ventures LLC completed the acquisition to acquire e-commerce business from Pier 1 Imports, Inc. (OTCPK:PIRR.Q) for $31 million on July 31, 2020. As of October 29, 2020, Retail Ecommerce acquired the rights to Pier 1's trademark name, intellectual property, data and various ecommerce-related assets for $31 million.