Housewares retailer Pier 1 Imports ( PIR) said it sold its U.K.-based Pier Retail Group to Palli Ltd. for about $15 million.

Pier 1 said it recorded a noncash pretax impairment charge of about $7 million in the fourth quarter.

Palli is a wholly owned subsidiary of Lagerinn ehf, an Iceland corporation owned by Jakup a Dul Jacobsen. Collectively Lagerinn and Jacobsen beneficially own 9.9% of Pier 1's common stock. As of Feb. 25, Pier 1 operated over 40 The Pier stores and concessions in the U.K. and Ireland.

This story was created through a joint venture between TheStreet.com and IRIS.

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