1. Navigate to "Administration" > "Accounts"
From here you'll be able to search your account.
2. Once you have found your account click on action.
3.Click "Edit this account"
4. Select the "Territory Business Unit" tab
5. Click on the +
6. Select the new territory
7. And the associated "Business Unit" (Default in most cases)
8. And then you'll be able to delete the old territory.
9. Click on save