Company type | Public |
---|---|
NYSE: PIR (1970–2020) | |
Industry | E-commerce, retail |
Founded | 1962 San Mateo, California, U.S. | (as Cost Plus Imports)
Defunct | October 31, 2020 (as a physical store) |
Fate | Chapter 11 bankruptcy liquidation, in response to the COVID-19 pandemic |
Successor | Retail ECommerce Ventures (d.b.a. as Pier 1 Imports Online, Inc.) |
Headquarters | Fort 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] |
Products | Furniture |
Revenue | US$1.553 billion (FY2019) |
US$ −188.1 million (FY2019) | |
US$ −198.8 million (FY2019) | |
Total assets | US$ 656.3 million (FY2019) |
Total equity | US$ 89.53 million (FY2019) |
Owner | Retail ECommerce Ventures |
Number of employees | 18,000 (March 2019) [3] |
Website | www |
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.
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, Chesapeake Energy bought the headquarters of Pier 1 for $104 million. [19] [20]
In May 2017, Alasdair James became CEO following Alex Smith's departure in December 2016. [21] 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. [22]
On January 6, 2020, it was announced that Pier 1 will close up to 450 stores, citing "a reduction in corporate headcount". [23] [24]
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. [25]
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. [26] On May 30, it was announced that Pier 1 Imports had received court approval to liquidate all locations. [27] Pier 1 announced that they plan to close all stores by the end of October 2020. [28]
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. [29] 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. [30]
On March 2, 2023, Retail Ecommerce Ventures, Pier 1 Imports' current parent, announced that it was mulling a possible bankruptcy filing. [31]
Pier 1 merchandise consists of home furnishings and items including 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. [32]
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. [33]
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 ]
RadioShack is an American electronics retailer founded in 1921. It was established as an amateur radio mail-order business centered in Boston, Massachusetts. Its parent company, Radio Shack Corporation, was purchased by Tandy Corporation in 1962, shifting its focus from radio equipment to hobbyist electronic components. At its peak in 1999, Tandy operated over 8,000 RadioShack stores in the United States, Mexico, the United Kingdom, Australia, and Canada.
Penney OpCo LLC, doing business as JCPenney and often abbreviated JCP, is an American department store chain that operates 663 stores across 49 U.S. states and Puerto Rico. Departments inside JCPenney stores include Men's, Women's, Boys', Girls', Baby, Bedding, Home, Fine Jewelry, Shoes, Lingerie, JCPenney Salon, JCPenney Beauty, as well as leased departments such as Seattle's Best Coffee, US Vision optical centers, and Lifetouch portrait studios.
Toys "R" Us is an American toy, clothing, and baby product retailer owned by Tru Kids and various others. The company was founded in 1948; its first store was built in April 1948, with its headquarters located in Parsippany-Troy Hills, New Jersey, in the New York metropolitan area.
Bloomingdale's Inc. is an American luxury department store chain founded in 1861 by Benjamin and Lyman Bloomingdale. It was acquired by Federated Department Stores in 1930, which acquired the Macy’s department store chain in 1994, when they became sister brands. Ultimately, Federated itself was renamed Macy’s, Inc. in 2007.
GameStop Corp. is an American video game, consumer electronics, and gaming merchandise retailer. The company is headquartered in Grapevine, Texas, and is the largest video game retailer worldwide. As of 28 January 2023, the company operates 4,413 stores including 2,949 in the United States, 216 in Canada, 419 in Australia and 829 in Europe under the GameStop, EB Games, EB Games Australia, Micromania-Zing, ThinkGeek and Zing Pop Culture brands. The company was founded in Dallas in 1984 as Babbage's, and took on its current name in 1999.
Big Lots Stores, Inc. is an American discount retail chain headquartered in Columbus, Ohio, United States.
Tuesday Morning Corporation was an American household merchandise discount home goods store headquartered in Dallas, Texas. Founded in 1974, Tuesday Morning once advertised nearly 500 locations across the country, also advertising itself as having high quality products at low prices.
The Michaels Companies is an American retail holding company, headquartered in Irving, Texas. It was formed as a parent company of Michaels in 2014.As of 2021, The Michaels Companies operates its flagship brand, Michaels and Artistree, a manufacturer of custom and specialty framing merchandise. There are over 1,252 arts and crafts stores located in the United States and Canada.
Kaspien Holdings, Inc. is an American company that provides software and services for ecommerce. Kaspien Holdings operates on Amazon in the United States, Canada, United Kingdom, Spain, France, Italy, Germany, the Netherlands, Sweden, and India, as well as Walmart Marketplace, eBay, Google Shopping, and Target. Its interim CEO is Goldman Sachs veteran Brock Kowalchuk, who took over March 11, 2022.
Sports Authority, Inc. was an American sports retailer based in Englewood, Colorado. At its peak, Sports Authority operated 463 stores in 45 States and Puerto Rico. The company's website was on the GSI Commerce platform and supported the retail stores as well as other multi-channel programs. A joint venture with ÆON Co., Ltd., operates "Sports Authority" stores in Japan under a licensing agreement.
Stage Stores was a department store company specializing in retailing off-price brand name apparel, accessories, cosmetics, footwear, and housewares throughout the United States. Stores were usually located in shopping malls and centers or in standalone locations. The corporate office was located in Houston, Texas.
Modell's Sporting Goods Online, Inc. is a digitally native retailer which specializes in sporting goods and related apparel. Modell's began with operating retail stores between the late 1980s and the late 2010s. In 2020, Modell’s became a brand owned by the private equity firm Retail Ecommerce Ventures.
Jo-Ann Stores, LLC, more commonly known as Jo-Ann, is an American haberdashery and mercery based in Hudson, Ohio. It operates the retail chains JOANN Fabrics and Crafts and Jo-Ann Etc. The headquarters of the company is located in the former General Motors Terex plant.
Stein Mart is an American discount men's and women's online retailer & former department store chain based in Jacksonville, Florida. Stein Mart had locations primarily in the Southeast, Texas, and California. Stein Mart stores sold recent trends in clothing for both men and women. Additionally, home decor, accessories, and shoes were all available at discounted prices.
The Container Store Group, Inc. is an American specialty retail chain company that operates The Container Store, which offers storage and organization products, and custom closets. In February 2007, its owners announced that they were "exploring alternatives," including selling The Container Store to private investors, in order to fund future growth. They stated that they would not sell unless they received guarantees that the corporate culture would be preserved. On July 2, 2007, The Container Store announced that they had closed a deal with a private equity firm based in Los Angeles, Leonard Green & Partners, which obtained a majority stake.
Camelot Music was a mall-based American retailer of prerecorded music and accessories and was one of the largest music retailers in the United States based on store count. Camelot specialized in the sales of prerecorded music especially vinyl LP, 45-rpm records, cassette tapes, compact disks (CD’s) and video/music accessories.
Linens 'n Things was a big-box retailer specializing in home textiles, housewares, and decorative home accessories. Based in Clifton, New Jersey, the chain operated 571 stores in 47 U.S. states and six Canadian provinces, and had 7,300 employees as of December 2006. The company's business strategy was "to offer a broad selection of high quality, brand name home furnishings merchandise at exceptional everyday values, provide superior guest service, and maintain low operating costs."
Neiman Marcus Group, Inc. is an American integrated luxury retailer headquartered in Dallas, Texas, which owns Neiman Marcus, Bergdorf Goodman, Horchow, and Last Call. Since September 2021, Neiman Marcus Group has been owned by a group of investment companies led by Davidson Kempner Capital Management, Sixth Street Partners and Pacific Investment Management.
Retail apocalypse refers to the closing of numerous brick-and-mortar retail stores, especially those of large chains, beginning around 2010 and accelerating due to the mandatory closures during the COVID-19 pandemic.