Retailer Pier 1 Imports (PIR: sentiment, chart, options) announced a deal today to sell its corporate headquarters facility in Forth Worth, Texas, to a subsidiary of Chesapeake Energy (CHK) for $104 million. The retailer expects the deal to close by June 30. In a statement, president and CEO Alex Smith stated, "We had three goals in mind: recouping our investment, minimizing on-going costs, and finding a quality business partner for a leasing relationship. The deal that we have structured with Chesapeake accomplishes all three goals."

PIR noted that it expects the sale to add to earnings, and Raymond James analysts agree. The broker said it predicts a gain of 1 cent to 2 cents per share in PIR's full-year earnings. Meanwhile, Sanford Bernstein added that PIR's "liquidity position continues to improve and we expect the company to be cash-flow positive in FY09."

As midday approaches, PIR is up 4.7%. After breaking through resistance from the 6 level earlier this month, the equity is now approaching potential double-top resistance near the 7 level. An unwinding of negative sentiment could help propel the shares; short interest represents 22% of PIR's available float, while the Schaeffer's put/call open interest ratio is a weighty 1.73, in the 87th annual percentile.