14148 Mon, 03/31/2008 - 12:27pm
FORT WORTH, Texas–Pier 1 Imports will sell its corporate headquarters facility located here to a subsidiary of Chesapeake Energy Corp.
“We have spent the past year evaluating options concerning our headquarters,” Alex Smith, president and chief executive officer, said in a statement. “We had three goals in mind: recouping our investment, minimizing ongoing costs and finding a quality business partner for a leasing relationship. The deal that we have structured with Chesapeake accomplishes all three goals.”
The retailer plans to continue to occupy roughly 250,000 square feet in the headquarters building and to enter into a seven-year lease agreement at closing.
The transaction is expected to close no later than June 30.
Based on the terms outlined in the agreement with Chesapeake, the transaction will be accretive to Pier 1’s earnings per share.