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.