Nostalgic Retail Series #25 - PIER 1 IMPORTS
"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. 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.” [Wikipedia]
After going public in 1970, the chain grew to over 260 locations by 1985.
By 2020, Pier 1 Imports boasted more than 1,000 stores throughout North America, but early in the year a store closing announcement ensued with the store count reduction being framed as a headcount issue.
The store closings quickly turned into a Chapter 11 bankruptcy protection filing on February 17, 2020. In May, the announcement that all stores were closing came as Pier 1 Imports failed to find a buyer and was facing the significant impacts of the COVID-19 pandemic.
In July of 2020, Retail ECommerce Ventures (REV) bought the rights to the brand for $31 million, finished closing all of the locations and took control of the Pier 1 website.
As was mentioned in the SteinMart series entry, REV started to face financial pressures in mid-2023, with the portfolio of brands REV owned purchased by Omni Retail Enterprised just a few months ago.
The Pier1.com website and online operation is still in business as of today.
