Pier1 is relaunching under new ownership

After filing for bankruptcy earlier this year and announcing the closure and liquidation of its brick-and-mortar stores in May, home goods store Pier 1 Imports is now relaunching online under new ownership.

Going forward, Pier 1 will be an online-only store, selling everything from furniture to wall art to decorative throw pillows on its website. Liquidation sales are still happening at some stores, though. As part of Pier 1’s wind down — a process that allows companies going through bankruptcy to liquidate inventory — the retailer announced in May that it would be shutting down all 541 of its locations.

Florida-based Retail Ecommerce Ventures (REV) won the rights to Pier 1 Import Inc.’s label and assets related to its e-commerce business for $31 million during a bidding process, according to court documents.

REV acquires distressed retailers with the goal of flipping the recognizable brick-and-mortar brands into successful e-commerce sites. The firm has also acquired retailers like DressBarn and Linens N Things.

Pier 1 is among a growing number of companies, including JCPenney and Stein Mart, that have been forced to close stores after the pandemic saw sinking sales compounding existing financial pressures as they struggled to compete with e-commerce retailers.

Pier 1 Imports got its start in 1962, with the first store opening in San Mateo, California. According to the company’s history, the first customers were “post-World War II baby boomers looking for beanbag chairs, love beads and incense.” To celebrate its 40-year anniversary, Pier 1 launched a campaign with the mantra “From Hippie to Hip.” In 2012, the store launched a newly designed e-commerce site.

Tai Lopez, executive chairman of REV, told the Dallas Business Journal, “We’re excited to dive in and get to work on the new ecommerce platform, and are confident that (Pier 1’s) loyal fans will be excited for the same experience they know and love, online.”