NEW YORK—Pier 1 has returned—albeit in an online-only form.
Parent company Retail Ecommerce Ventures (REV) officially relaunched the 58-year-old home furnishings retailer after purchasing the brand this July. Pier 1 closed its brick-and-mortar locations this year as part of its bankruptcy plan.
“At REV, we transform beloved brands like Pier 1 into Internet-first companies positioned for robust growth,” said Tai Lopez, executive chairman and co-founder of REV. “Central to our playbook is retaining the brand’s strengths. It’s why we retained veteran buyers from Pier 1 to reengage with vendors and bring back the merchandise our customers know and love.”
REV acquired the rights to Pier 1’s trademark name, intellectual property, data and various e-commerce related assets for $31 million. It also retained about 15 of the brand’s buying, marketing and customer-support personnel, it said, and revamped the site’s functionality and look. It also moved Pier 1’s team to Dallas from Fort Worth, Texas.
“We have made tremendous progress in revamping the site, with much-improved discovery, filtering and search capabilities,” said Shayan Zadeh, Pier 1’s CEO. Zadeh is a serial entrepreneur and cofounded and led dating platform Zoosk, which sold for $298 million in 2019, a release said. “In addition