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Pier 1 to Sell Headquarters

Fort Worth, Texas Pier 1 Imports Inc. said Monday it has agreed to sell its corporate headquarters facility in Fort Worth, Texas, to a subsidiary of natural-gas producer Chesapeake Energy Corp. Financial terms were not disclosed, but the retailer said the deal is expected to add to earnings per share.

Financial terms were not disclosed, but the retailer said the deal is expected to add to earnings per share.

President and CEO Alex Smith said the sale will meet the retailer's goals of recouping its investment, minimizing ongoing costs, and entering a leasing relationship with a business partner.

Pier 1 Imports expects to enter into a seven-year lease agreement at closing and continue occupying about 250,000 square feet.

The company said the transaction should close by June 30.

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