Retail Ecommerce Ventures has agreed to purchase the intellectual property rights and e-commerce business of Pier 1 Imports for $20 million. The retailer, which is currently holding “Going Out of Business” sales at its 900 stores across the country, has said it will accept the offer if it does not receive a better one by July 31. Retail Ecommerce Ventures made a similar deal to acquire the bankrupt Dress Barn business last year.