Home furnishings and decor retailer Pier 1 Imports has closed the sale of its 514,000-sq.ft.-distribution center in St. Charles, IL, to printer R.R. Donnelley for $11.8 million.
Fort Worth-based Pier 1 intends to repay about $9.5 million of industrial revenue bonds related to the distribution center on July 1 with the proceeds received from the sale.
The merchant operates more than 1,100 Pier 1 stores in North America. While Pier 1 continues to mail retail traffic driver books, it got out of the direct business a few years ago: It closed its three-year-old catalog and its seven-year-old e-commerce site in June 2007.