A pair of serial entrepreneurs beat out private-equity firm Sycamore Partners in a bidding war to purchase home-goods retailer Pier 1 Imports Inc.’s branding and e-commerce business out of bankruptcy, WSJ Pro Bankruptcy reported. Retail Ecommerce Ventures LLC, owned by retail entrepreneurs Tai Lopez and Alex Mehr, was named the highest bidder at the bankruptcy auction yesterday, offering $31 million to acquire Pier 1’s intellectual property, data and other assets related to its e-commerce business. Sycamore Partners, a New York firm specializing in retail and consumer investments, is the backup bidder with a $30.9 million offer. The auction pushed up the sale price from the roughly $20 million Retail Ecommerce Ventures initially offered as the stalking horse, or lead bidder. The venture has been piling up retail assets since last year, purchasing the brand assets of Dressbarn and its e-commerce business from Ann Taylor and Lane Bryant parent company Ascena Retail Group Inc., then taking over online housewares retailer Linens ‘n Things and high-end collectible purveyor Franklin Mint last week. A hearing to approve the sale is scheduled for July 30 in the U.S. Bankruptcy Court in Richmond, Va. If the sale is given the green light, Retail Ecommerce Ventures plans to make Pier 1 an online-only business. Pier 1’s retail operations are winding down after failing to secure a buyer.
