The Pier 1 Imports brand will continue on as a new entity as the bankrupt retailer’s new owners said they will launch a new e-commerce business in late August.
A report in the Dallas Morning News said the sale of the 58-year old home specialty store to Retail Ecommerce Ventures was approved recently in bankruptcy court. The new owners paid $31 million for Pier 1’s intellectual property that includes its trademark, data including customer lists and other assets related to e-commerce.
Tai Lopez, co-owner of Retail Ecommerce Ventures, told the Morning News that customers can expect the same assortment of home goods and accessories along with a new website and e-commerce experience.
For years, the retailer has been known for its assortment of home goods, from furniture to tableware, that was important from various parts of the world. While the store was popular with consumers for many years, Pier 1’s struggles are not new.
The retailer for years has struggled financially under the weight of a changing retail environment. In the past, there have been management changes, store closures and discussions about the sale of the company. How the company operates going forward as an e-commerce operation will be watched closely by retail industry observers.