Pier 1 import stores are an online retailer that imports home decors like furniture, showpieces, tabletop items, occasional decorative accessories, and many other home decors. It is a Texas-based renowned Home furnishing store. They enhance their stability through their wholehearted services for the last 58 years. The home decor Pier 1 imports stores closing, become a familiar tagline and the matter of thinking to the worshiper of a home perfectionist. They failed in retailing for chapter 11 bankruptcy. Recently it announced its closing of 450 of 942 stores due to the issue of facing bankruptcy.
Pier 1 imports Inc. Declared their permanent closing due to the wake of the coronavirus pandemic. The intellectual properties and the online manoeuvre of their e-commerce business are also aspired to sold.
Beginning of the journey:
Pier 1’s CEO and CFO state that the outcome is unexpected to the company members. But he feels gratitude to the dedicated associates of the company. They also remained grateful to The millions of customers and committed vendors who continuously support the company.
Pier had started their journey with a single store in 1962 in Forts-Worth, Texas. The company sustained for the last six decades. It is the country’s top and globally inspired furnishing agency. But at present, pier1.com does not execute any orders directly.
On the other hand, they host its annual Memorial Day even now. Here the shoppers can have a 40% discount on any accessories.
The starting name of the Pier 1 Imports store is the Cost Plus Imports store. The company opened in San Mateo, California. During 1966 the company replaces the word with Pier 1 imports. At that time, the company set 16 more branches with a grand headquarter in fort worth.
Services and production:
Pier 1 is famous for its top-notch collection of furniture and home decors all over the world. They bring the home interior from across the globe to your doorsteps.
The company collects the products from the authentic artist and their genuine handicraft. The US and Canadian stores are profound with the quality home interior to make your home looking grand and aristocratic. The speciality of the company is the uncompromising attitude toward the products.
There is a long list of products that you will found in the Pier 1 store. You will find home decor, dining room and kitchen, holiday arrangements like Christmas, and other impressive event decor and showpieces and furniture for the living room. They imported the table and other accessories from the different corners of the world, made by experts, and examined by specialists.
If you want to know about a particular location, Pier 1 suggests calling on their contact number or official websites. Some of the stores are already closed, as said by the updated news of Pier 1. The closing date of different outlets varies from store to store. If you want to place any answer, you have to ask from the people nearby. Otherwise, have a phone call to know whether the nearest store location available to deliver an order. On the other hand, you can call on Pier 1 Customer Service at 800-245-4595 to know the particular shop’s details.
Exccelaratrion of pier 1 imports:
Pire 1 steps to the American Stock Exchange in 1970 and the New York Exchange in 1972. by this time, they grow 123 stores, which post cent per cent of sales. Gradually they proceed internationally in Australia and Europe. The central Pier 1 store in Royal Oak, Michigan, has recorded $1 million in 1979. the rapid growth of pier 1 registered in 1985 that exist 265 stores.
Pier 1 exhilarate their store in Greater Tokyo Area in Japan in early 2002. it the most fantastic store of pier 1 ran by Akatsuki Printing Co. The number of increasing store shrunk in the year 2000. after having a considerable concern of the market, they and seven affiliated companies filed Chapter 11 bankruptcy. According to The Court of the Eastern District of Virginia, the company is closing all the stores in Canada.
Retail Ecommerce venture (REV) buys Pier 1 for $31 million. The REV founder is Alex Mehr, a former NASA scientist, and Tai Lopez, a serial entrepreneur. After taking over the company, they revive that e-commerce company. It was an iconic brand. REV also acquired possession of the website of the pier 1 imports.
In 2019 they predicted the probability of closing the stores. They announced the possibility of closing 145 stores—about 15% of its nearly 1,000 locations. Moreover, S&P global rating warned about the restructuring fact of bankruptcy or debt. According to the USA repost of December Pire 1 is one of the struggling retailer company which has to fight to live in 2020.
Reason Behind Bankruptcy:
The fort worth, texas retailer, sought bankruptcy -court approval, and they wind down their outlet from the different parts of the city. They all of a sudden shut down many outlets of services.
Pier 1 imports Inc. Has no other option to handle the pressure and fight back against the bankruptcy burden. They mentioned in their legal court paper that “It is now clear that Pier 1’s future does not involve any brick-and-mortar retail locations”. The Court’s approval made them shutter and liquidate all of its 540 stores, including its e-commerce operations.
The profound impact of Covid -19 makes the giant company take back its shelter from the retailer. Then Pier 1 plans for closing all the stores and liquidation sales by the end of October. The New York Post, Pier 1 has earned a lot from its extended marketing for $20M for a week. But the retailer is advertising the sale on the homepage with the tag Hard -to-Miss.
Though the company filing for Chapter 11 bankruptcy, they hoped to manage customers to run their brand. Unfortunately, the adversity of covid situation can’t allow them to handle the challenges of the tremendous impact.
Pier 1 already has closed 450 locations in Canada and shows the reason for bankruptcy projection. However, it would reduce its imports stores according to the law of the field of bankruptcy.
In a recent news Pier, 1 claimed it has “closed or initiated going-out-business sales at over 400 locations,” out of that, they have short-listed the Canadian stores previously to close. In the same way, A&G Realty Partners’ website published a list of 331 stores in the US that will also shut down their services.
List of closed stores:
In the recent year, January 2020, Pire 1 had more than 1000 stores scattered in the US and Canada. But Pier 1, unable to cope with the Chapter 11 bankruptcy protection, goes on February 17, 2020, and on May 19, 2020. Consequently, the Court makes them close all stores against the ALLEGATION OF BANKRUPTCY. Retail ECommerce Ventures (REV) has an attempt to regenerate its e-commerce stores in July 2020. The plan does not work, and in October 2020, they shut down all the remaining stores.
Here is the list of the location where the most prominent outlets were situated.
- Alabama Pier 1 closures
- Alaska Pier 1 closing stores
- Arizona Pier 1 closing stores
- Arkansas closing Pier 1 store
- California Pier 1 closing stores
- Colorado closing Pier 1 store
- Connecticut Pier 1 closures
- Delaware Pier 1 closure
- Florida Pier 1 closing stores
- Georgia Pier 1 closing stores
- Hawaii Pier 1 closings
- Ohio Pier 1 closing stores
- Pennsylvania Pier 1 closing store
- Virginia Pier 1 closing stores
- Oklahoma closing Pier 1 store
The partnership of Pier 1:
Pier 1 supplies many things like candles, flower vases, picture frames, and furniture for home decor. Hand-carved Armoires, along with large-scale vases and eclectic wall decor, is also available there. Genuine artists and foreign designers make all the items. The company imports all of its products from abroad.
US fund of UNICEF cooperates with pier 1 import stores from 1985. a record of 2013 claimed that the partnership possessed $42 million. They usually sell grating cards of UNICEF and collect funds and emergency relief for Afghanistan, Haiti and Iraq, and all the other areas affected by the tsunami of the Indian ocean.
FAQ Pier 1 imports stores closing.
There is some frequently asked question about the Pier 1 imports stores and its closing. The answers are given below.
- What are Pier 1 imports stores?
Pier 1 import stores is an online retailer. It imports home decor like furniture, showpieces and tabletop items, occasional decorative accessories, and many other home decors. The company survives for 58 years.
- Are the Pier 1 imports stores closed permanently?
Yes. Due to bankruptcy Pier, 1 has sold its stores and official websites as well. They have to close all of their stores after the incident of Chapter 11 bankruptcy.
3.who is the new owner of the stores?
Retail Ecommerce venture (REV) is the new owner of the pier 1 imports. They also acquired the online website of the Pier 1 imports and made the company revive again.
4.What are the services of the pier 1 import stores?
Pier 1 imports supply home decors, furniture, and showpiece to decorate your home. The products are made of different countries by original artists. The company imports all unique accessories for you from other parts of the world.
- Can l order from Pier 1 online still now?
No. at present, pier1.com is owned by another agency named REV. Pier 1 sold all of its possession due to bankruptcy. As a result, their website is not taking any order. You have to go to the nearby stores of pier1 if it is not closed yet.
- Is there any chance of reopening Pier 1 stores?
Pier1.com will start its journey again with new ownership. It will be starting next September again. The new owner is REV. The company works to revive the well-known brand from sinking.
Conclusion for Pier 1 imports stores closing
The news is heartbreaking that the pier 1 imports announced to end its 58 years journey. That’s why they are closing all of their stores and remaining assets to make their company close. They sold their sole property to the REV. They sold the business’s ownership and e-commerce, websites, and other inventory intellectual properties to REV.
A bankruptcy auction sold The data, property, and assets of Pier 1. Though the bidding starts with $20 million, Pier 1 sold the property for $31million. The licensing firm that wins the decor giant pier one tries its best to keep pier 1 alive as an online e-commerce business.
In brief, we all hope for the best that pier1 legacy will be back in its gorgeous form with the help of REV.though the come back may not be like the first start, it will make the customer happy and inspired again.