Pier 1 Imports

Pier 1 Imports, Inc.

Company type	Public (formerly)
Industry	Retail (home furnishings)
Founded	, 1962 (1962--DD) in San Mateo, California, U.S.
Founder	Charles D. Tandy and Luther Henderson (franchise rights holders)
Defunct	2020 (2020)
Fate	Filed for Chapter 11 bankruptcy; closed all physical stores; brand acquired by Retail Ecommerce Ventures
Headquarters	Fort Worth , United States
Area served	United States, Canada (until 2020), formerly Australia and Europe
Key people	Alasdair James (CEO 2017), Cheryl Bachelder (interim CEO 2018), Robert Riesbeck (CEO 2019)
Products	Imported home furnishings, furniture, tabletop products, seasonal decorations, accessories
Parent	Retail Ecommerce Ventures (since 2020)
Website	www.pier1.com

Pier 1 Imports, Inc. is a former retail chain originally headquartered in Fort Worth, Texas, now operating solely as an online seller. The company specialized in imported home furnishings and decorative items, covering furniture, tabletop products, seasonal decorations, and various accessories. Previously listed on the New York Stock Exchange under the symbol PIR, Pier 1 operated more than 1,000 stores throughout the United States and Canada as of January 2020.

The onset of the COVID-19 pandemic significantly affected the business, leading Pier 1 to file for Chapter 11 bankruptcy protection on February 17, 2020. By May 19 of the same year, the company petitioned the court to authorize the closure of all its physical retail locations.

In July 2020, Retail Ecommerce Ventures (REV) purchased Pier 1’s intellectual property with intentions to relaunch the brand as an exclusively e-commerce enterprise. By October 2020, all remaining brick-and-mortar stores had been shut down, and the brand’s online presence was transferred to REV. The business now operates as Dallas-based Pier 1 Imports Online, Inc..

History

The origins of Pier 1 trace back to 1962 when Charles D. Tandy and Luther Henderson from the Tandy Corporation extended financing to the California-based Cost Plus Imports chain in exchange for franchise rights. Their first franchised store opened in San Mateo, California. By 1966, their franchise network had grown to 16 outlets across California and Texas. Subsequently, they rebranded under the name Pier 1 Imports and established a corporate headquarters in Fort Worth, Texas—co-located with Radio Shack, another Tandy subsidiary.

Pier 1 went public on the American Stock Exchange in 1970 and transitioned to the New York Stock Exchange by 1972. At that time, it operated 123 stores with steady revenue growth and had expanded internationally into markets such as Australia and Europe. The store count reached 265 by 1985, with ambitions to double that figure before the decade’s end.

Between April 1996 and early 2002, Pier 1 ran franchised outlets in Japan’s Greater Tokyo region through Akatsuki Printing Co., reaching a peak of 18 stores before reducing to nine by the year 2000.

On December 29, 2006, Pier 1 was removed from the S&P MidCap 400 Index. By December 2012, annual sales totaled $418 million. In April 2008, the company divested its headquarters property for $104 million.

Leadership transitions included Alasdair James assuming the CEO position in May 2017 following Alex Smith’s exit. Cheryl Bachelder, a seasoned executive, took over as interim CEO in December 2018 until former CFO Robert Riesbeck was appointed CEO in November 2019.

Amid declining business results, Pier 1 announced on January 6, 2020 plans to shutter as many as 450 stores as part of a corporate restructuring effort. On February 17, Pier 1 Imports and its affiliates filed for Chapter 11 bankruptcy protection and closed all Canadian locations.

By May 19, citing ongoing challenges from the COVID-19 crisis and inability to secure a buyer, Pier 1 requested court permission to liquidate all remaining stores. The liquidation plan received approval on May 30 with an expected completion date by October.

In June 2020, Retail Ecommerce Ventures (REV)—founded by former NASA scientist Alex Mehr and entrepreneur Tai Lopez—acquired Pier 1 for $31 million. REV focuses on purchasing distressed but well-known brands such as Dressbarn and Modell's Sporting Goods and revitalizing them through online platforms. By October that year, REV had assumed control of Pier 1’s website operations and relocated its digital activities to Dallas.

On March 2, 2023, Retail Ecommerce Ventures disclosed it was contemplating filing for bankruptcy protection itself—a development that could affect its portfolio companies including Pier 1 Imports.

Merchandise

Pier 1 offers a diverse range of home décor and furnishings, including items like candles, vases, picture frames, upholstered seating, intricately carved armoires, and distinctive wall art. These products are obtained from international sources—either imported, collaboratively designed with global creatives, or crafted by Pier 1's own Trend and Product Development team—demonstrating the brand's dedication to delivering exclusive selections.

Partnerships

Since 1985, Pier 1 has collaborated with the U.S. Fund for UNICEF, raising in excess of $42 million through cause-driven marketing initiatives and product sales aimed at supporting emergency aid efforts worldwide. Their contributions have targeted crises in regions such as Afghanistan, Haiti, Iraq, and areas impacted by the 2004 Indian Ocean tsunami.

Prominent figures who have served as brand ambassadors include Cheers star Kirstie Alley and designer Thom Filicia from Queer Eye for the Straight Guy, bolstering the company's visibility through strategic promotional campaigns.

See also

• The Akron