Home furnishings and accessories brand Pier 1 Imports is back, sort of. The Fort Worth-based company sadly shut down in May 2020 as part of its bankruptcy plan, but is now being relaunched as an online store.
According to a release, the brand was rescued by Retail Ecommerce Ventures (REV), a Miami-based investment firm which has launched Pier1.com as a new customer-centric online store based in Dallas.
Pier1.com will offer the same assortment of furniture, lighting, fragrance, tableware and décor they've offered since they were founded in 1962.
The new store offers hundreds of familiar items in categories such as holiday and seasonal, furniture, pillows and cushions, dining and entertaining, décor, lighting and candles, rugs, curtains, bed and bath, and outdoor.
Shifting to an ecommerce model frees Pier 1 from the limitations associated with brick-and-mortar stores, says Pier 1 CEO Shayan Zadeh in a statement.
"It means we're able to add hundreds of exciting new SKUs to Pier1.com even as we explore a wider array of potential new offerings," Zadeh says.
They've also revamped the site, with improved discovery, filtering, and search capabilities, and Zadeh says they're focused on the mobile side, with iPhone and Android apps coming in Q1 2021.
In July, REV acquired the rights to Pier 1's trademark name, intellectual property, data and various ecommerce-related assets for $31 million.
REV's mission is to transform beloved brands like Pier 1 into Internet-first companies positioned for robust growth, says Tai Lopez, REV executive chairman and co-founder.
"Central to our playbook is retaining the brand's strengths," Lopez says. "It's why we retained veteran buyers from Pier 1 to reengage with vendors and bring back the merchandise our customers know and love."
REV hired about 15 of Pier 1's buying, marketing and customer-support personnel. The new 30-person Pier 1 team is now located in Dallas.
REV hires included veteran Pier 1 executive Brian Thompson to serve as Chief Merchandising & Supply Chain Officer. Thompson recently hosted a Zoom call with hundreds of loyal Pier 1 shoppers, who asked about products like Li Bien Christmas ornaments and Pier 1 signature fragrances. Huh. Wonder how you got an invite to that call.
REV's other recent acquisitions include Linens 'n Things, Franklin Mint, and Dressbarn.