Pier 1’s $18 Million Texas Distribution Center Sale Approved

Bankrupt retailer Pier 1 Imports Inc. got court approval to sell its distribution center in Mansfield, Texas, for $18 million, bringing in $3 million more than a starting offer.

Judge Kevin R. Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia approved the sale to Lonejack II LLC Thursday at a telephonic hearing. Lonejack, based in Mansfield, is managed by James Sellers, the founder and CEO of Sellmark, a local business that sells guns and outdoor gear.

Pier 1 drew an initial $15 million stalking horse bid from another bidder. But Lonejack submitted a higher offer and ...