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Pier 1 Imports

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"Pier 1" redirects here. For the pier in Seattle, see Pier 1, Seattle.
Pier 1 Imports, Inc.
Company typePublic
NYSE: PIR (1970–2020)
IndustryE-commerce, retail
Founded1962; 62 years ago (1962) (as Cost Plus Imports)
San Mateo, California, U.S.
DefunctOctober 31, 2020; 4 years ago (2020-10-31) (as a physical store)
FateChapter 11 bankruptcy liquidation, in response to the COVID-19 pandemic
SuccessorRetail ECommerce Ventures (d.b.a. as Pier 1 Imports Online, Inc.)
HeadquartersFort Worth, Texas, U.S.
Number of locations
>1,000 (at peak in January 2020)
Area served
United States
Canada
Key people
Robert Riesbeck, CEO[1] Cheryl Bachelder, Interim CEO[2]
ProductsFurniture
RevenueDecrease US$1.553 billion (FY2019)
Decrease US$ −188.1 million (FY2019)
Decrease US$ −198.8 million (FY2019)
Total assetsDecrease US$ 656.3 million (FY2019)
Total equityDecrease US$ 89.53 million (FY2019)
OwnerRetail ECommerce Ventures
Number of employees
18,000 (March 2019)[3]
Websitewww.pier1.com
Pier 1 Imports, Liberty Tree Mall, Danvers, Massachusetts (2012)

Pier 1 Imports, Inc., is an online retailer and former Fort Worth, Texas-based retail chain specializing in imported home furnishings and decor, particularly furniture, table-top items, decorative accessories, and seasonal decor. It was publicly traded on the New York Stock Exchange under ticker PIR.[4] In January 2020, Pier 1 had over 1,000 physical stores throughout the United States and Canada.[5] Pier 1 filed for Chapter 11 bankruptcy protection on February 17, 2020, and on May 19, 2020, announced it was asking the bankruptcy court to close all stores, due in large part to the COVID-19 pandemic.

In July 2020, Retail ECommerce Ventures (REV) bought the rights to Pier 1 and planned to revive the brand as an ecommerce store.[6]

At the end of October 2020, Pier 1 Imports closed its remaining stores and transferred its website to REV, which is doing business as Dallas-based Pier 1 Imports Online, Inc.

History

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In 1962, Charles D. Tandy and Luther Henderson of the Tandy Corporation provided a loan to the California-based Cost Plus Imports chain in exchange for franchise rights. Their first franchised location opened that year in San Mateo.[7][8] By 1966, Tandy's and Henderson's franchises had grown to 16 locations in California and Texas. They rebranded their stores Pier 1 Imports, establishing a new corporate headquarters with Radio Shack, another Tandy holding, in Fort Worth, Texas.[9][8]

Pier 1 went public on the American Stock Exchange in 1970 and later joined the New York Stock Exchange in 1972.[10] At this time, the company had grown to 123 stores, posted 100 percent sales gains for four consecutive years, and opened stores internationally in Australia and Europe. A Pier 1 store in Royal Oak, Michigan, reached annual sales of $1 million in 1979. By 1985, the Pier 1 chain grew to 265 stores, with the management goal of doubling that number by 1990.

Pier 1 had a presence in the Greater Tokyo Area of Japan from April 1996 to early 2002, and its franchised stores were operated by Akatsuki Printing Co.[11][12] There were 5 stores by early 1997,[13] 16 by fiscal 1998,[14] and 18 by fiscal 1999,[15] but that number shrunk to just 9 by early 2000.[16]

On December 29, 2006, Standard & Poor's bumped Pier 1 Imports Inc. down one spot and off the bottom of the S&P MidCap 400 Index when it added Parametric Technology Corp. (Nasdaq: PMTC), a software company.[17] As of December 2012, the company had sales of $418 million.[18]

In April 2008, Pier 1 sold its headquarters building for $104 million.[19]

In May 2017, Alasdair James became CEO following Alex Smith's departure in December 2016.[20] In December 2018, Alasdair James was replaced by veteran CEO Cheryl Bachelder. Bachelder is served as interim CEO until the former Pier 1 CFO, Robert Riesbeck took over in November 2019.[21]

On January 6, 2020, it was announced that Pier 1 will close up to 450 stores, citing "a reduction in corporate headcount".[22][23]

On February 17, 2020, Pier 1 Imports, Inc. and seven affiliated companies filed Chapter 11 bankruptcy in the United States District Court for the Eastern District of Virginia. As part of the filing, the company is closing all their stores in Canada.[24]

On May 19, 2020, Pier 1 Imports announced that it is asking the bankruptcy court to close all stores, due in large part to the COVID-19 pandemic and failing to find a buyer.[25] On May 30, it was announced that Pier 1 Imports had received court approval to liquidate all locations.[26] Pier 1 announced that they plan to close all stores by the end of October 2020.[27]

In June 2020, Retail Ecommerce Ventures (REV) acquired Pier 1 for $31 million. REV, which was founded by former NASA scientist Alex Mehr and serial entrepreneur Tai Lopez, is a holding company that buys distressed iconic brands and revives them as e-commerce businesses. Other recent acquisitions of REV include Dressbarn and Modell's Sporting Goods.[28] REV acquired control of the Pier 1 website at the end of October 2020, just about the time the last store had closed, and moved on-line operations to Dallas.[29]

On March 2, 2023, Retail Ecommerce Ventures, Pier 1 Imports' current parent, announced that it was mulling a possible bankruptcy filing.[30]

Merchandise

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Inside a typical Pier 1 Imports store (2020)

Pier 1 merchandise consists of home furnishings and accessories such as candles, vases, and picture frames as well as full-sized upholstered furniture, hand-carved armoires, large-scale vases and eclectic wall décor. Items are imported, created in conjunction with foreign designers, or produced by Pier 1's Trend and Product Development team.[31]

Partnerships

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Pier 1 became a corporate partner of the U.S. Fund for UNICEF since 1985, its longest-running corporate partnership. As of 2013, this partnership had generated more than $42 million by selling UNICEF greeting cards, cause marketing, and emergency relief for Afghanistan, Haiti, and Iraq, as well as areas affected by the Indian Ocean tsunami.[32]

Former spokespeople for the company, seen largely in broadcast commercials, include Cheers alumna Kirstie Alley and Thom Filicia of Queer Eye for the Straight Guy.[citation needed]

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  • A Pier 1 Imports store in Oregon
    A Pier 1 Imports store in Oregon
  • A Pier 1 Imports store, Pittsfield Township, Michigan. The store closed in 2015.
    A Pier 1 Imports store, Pittsfield Township, Michigan. The store closed in 2015.
  • The Pier One headquarters building in Fort Worth, now being re-developed as the city's future City Hall.
    The Pier One headquarters building in Fort Worth, now being re-developed as the city's future City Hall.

See also

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References

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  1. ^ Shoulberg, Warren. "Pier 1's Choice Of CEO Is An Ominous Sign For A Retailer On Bankruptcy Watch". Forbes.
  2. ^ "Cheryl A Bachelder, Pier 1 Imports Inc.: Profile and Biography – Bloomberg Markets". Bloomberg News.
  3. ^ "Pir-10k_20190302.HTM". www.sec.gov. Retrieved 24 July 2020.[title missing]
  4. ^ "Investor Relations". Pier 1 Imports. Archived from the original on 31 December 2013. Retrieved 31 December 2013.
  5. ^ Tyko, Kelly (January 6, 2020). "Pier 1 Imports to close up to 450 stores, nearly half of its locations". USA Today.
  6. ^ Fickenscher, Lisa (2020-07-08). "Pier 1 Imports to become a web-only business after liquidating stores". New York Post. Retrieved 2020-08-25.
  7. ^ Hirschmann, Niloufer. "The world in a paper bag" (PDF). Kroeber Anthropological Society Papers. University of California, Berkeley. Retrieved 1 March 2024.
  8. ^ a b "Pier 1 Imports: From Hippie to Hip to Hell". Forbes.
  9. ^ "National retailer builds landmark office building in Italian stone".
  10. ^ "Pier 1 Imports History". Pier 1 Imports.
  11. ^ "For the fiscal year ended March 2, 1996. OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934". Archived from the original on January 7, 2020. Retrieved January 8, 2020.
  12. ^ "For the fiscal year ended MARCH 2, 2002. OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934". Archived from the original on January 7, 2020. Retrieved January 8, 2020.
  13. ^ "For the fiscal year ended March 1, 1997". Archived from the original on January 7, 2020. Retrieved November 23, 2019.
  14. ^ "For the fiscal year ended February 28, 1998". Archived from the original on November 13, 2019. Retrieved November 23, 2019.
  15. ^ "For the fiscal year ended February 27, 1999". Archived from the original on January 7, 2020. Retrieved November 23, 2019.
  16. ^ "For the fiscal year ended February 26, 2000". Archived from the original on January 7, 2020. Retrieved November 23, 2019.
  17. ^ Campoy, Ana (December 20, 2006). "S&P changes makeup of indexes, Spectra set to become index component". MarketWatch.
  18. ^ Halkias, Maria (December 13, 2012). "Fort Worth-based Pier 1 Imports reported higher sales and profits as superstorm Sandy tempered results". Dallas Morning News. Archived from the original on December 17, 2012. Retrieved December 24, 2012.
  19. ^ Gore, Connie (March 31, 2008). "Pier 1, Chesapeake Ink $104M Sale-Leaseback". ALM.
  20. ^ "Pier 1 hires Kmart president to lead business | Furniture Today". www.furnituretoday.com. 4 April 2017. Retrieved 2018-01-19.
  21. ^ Shoulberg, Warren. "Pier 1's Choice Of CEO Is An Ominous Sign For A Retailer On Bankruptcy Watch". Forbes. Retrieved 2021-06-05.
  22. ^ Jansen, Caroline (January 7, 2020). "Pier 1 to close up to 450 locations". Retail Dive. Retrieved January 18, 2020.
  23. ^ Peterson, Hayley (January 15, 2020). "Pier 1 may have just revealed the locations of hundreds of stores that it's planning to close". Business Insider. Retrieved January 18, 2020.
  24. ^ Rodriguez, Jeremiah (February 17, 2020). "Pier 1 closing all of its stores in Canada". CTV News.
  25. ^ Valinsky, Jordan (May 19, 2020). "Pier 1 wants to close all its stores for good". CNN. Retrieved May 19, 2020.
  26. ^ Ayers, Rebecca (May 30, 2020). "Pier 1 Imports will wind down business operations, expects to conclude liquidation sales by late October". Dallas Business Journal.
  27. ^ Valinsky, Jordan (June 1, 2020). "Pier 1 is officially going out of business". CNN.
  28. ^ "Meet the tiny company snapping up iconic American brands who have been 'victim to the times'". NBC News. 7 August 2020. Retrieved 2020-08-25.
  29. ^ White, Dawson (November 3, 2020). "Texas-based Pier 1 Imports is back' but you won't see any storefronts". Wichita Eagle.
  30. ^ "Owner of RadioShack, Pier 1 in danger of bankruptcy". New York Post. March 2, 2023. Retrieved March 2, 2023.
  31. ^ "About Pier 1 Imports". Pier 1 Imports. Archived from the original on 2008-01-13.
  32. ^ "Corporate Partners >> Pier 1 Imports, Inc". United States Fund for UNICEF. Retrieved 31 December 2013.
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