Pier 1 Imports Is Closing, but a New Deal May Let Us Continue to Shop Online
In May, Pier 1 Imports announced some pretty heartbreaking news. After 58 years in business, the company filed a motion with a bankruptcy court to begin a wind-down of all of its retail operations. This meant that every Pier 1 Imports store would close and the company would have to sell its inventory and remaining assets, which includes its intellectual property and e-commerce business.
However according to the Wall Street Journal, there's a chance that we might still be able to shop Pier 1 Imports after its stores close, but strictly online.
On Wednesday night, Pier 1’s intellectual property, data, and assets related to its e-commerce business were put up for sale at a bankruptcy auction. Bidding started at $20 million, and it ended at $31 million. The winning bid was placed by Retail ECommerce Ventures, a licensing firm who claims it wants to keep Pier 1 Imports alive, but as an online-only business.
"We are very excited about the e-commerce angle because we know that this is an iconic brand," Tai Lopez, co-president of Retail Ecommerce Ventures, told WSJ Pro Bankruptcy. "This is our specialty. E-commerce is our game."
According to the firm's website, its mission is to "acquire well-known distressed retail brands and transform them into Ecommerce success stories." Last year it purchased Dress Barn's assets and e-commerce business, and from the looks of it, www.dressbarn.com is still in full swing.
Now, before we get carried away, the sale will have to be approved by the U.S. Bankruptcy Court in Richmond, Virginia. A hearing has been scheduled for July 30. Fingers crossed that Pier 1's legacy will continue on. And in the meantime, you can still shop Pier 1 online.
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