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.