After acquiring Pier 1's trademark name, intellectual property, data and e-commerce assets, new owner Retail Ecommerce Ventures (REV) is relaunching the retail brand as an online store, according to a Thursday press release. Pier 1 closed its brick-and-mortar stores earlier this year as part of its bankruptcy plan.
As part of the relaunch, the brand has rehired about 15 of its former buying, marketing and customer support staff and has relocated its operations from Fort Worth, Texas, to Dallas, Texas. Among those rehired was Brian Thompson, the company's former director of global sourcing. Thompson will now serve as chief merchandising and supply chain officer, per the announcement.
The online store will feature items across multiple categories, including furniture, holiday and seasonal items, dining and decor, according to the press release.
As part of the company's e-commerce relaunch, it's reactivating its social media accounts and encouraging customers to use #pier1love to share their design ideas with the company, Chief Marketing Officer A.J. Bhatia said in a statement. He added that the brand is also creating a new blog called Pier 1 of a Kind.
In addition to buying Pier 1 for $31 million in July, REV also acquired the brand assets and e-commerce business of Franklin Mint, Dressbarn and Modell's Sporting Goods. The company said that since taking over Dressbarn, the retailer saw a 165% quarter-over-quarter sales spike in the second quarter and a 50% increase during the third quarter.
Unlike many retailers that have filed for bankruptcy this year, Pier 1 filed for Chapter 11 in mid-February just before the COVID-19 pandemic forced nonessential brick-and-mortar stores to close down in mid-March. As the company turns itself around, its investors opted to rehire its buyers to reconnect with its vendors and ultimately play to the brand’s strengths, Tai Lopez, executive chairman and co-founder of REV, said in a statement.