E-retail (REV), an investment company that buys trademarks, pays $ 31 million for the name and intellectual property of the home goods retailer. The goal is to restart Pier 1 online and create a “secure future for e-commerce for the brand,” the company said Friday.
Pierre 1 went bankrupt in February after nearly 60 years in business. She assessed her chances of survival, but could not find any, and eventually won the court’s approval in May to permanently close her 500 stores. The liquidation of sales began in May.
REV is co-owned by social media influence Ty Lopez and Alex Mehr, co-founder of online dating site Zoosk.
The company is investing in so-called zombie brands, which it believes can be revived online. REV bought the Dressbarn brand last year from the just-bankrupt Ascena Retail Group and says it has become a successful online business. He also owns the Linens̵
7; n Things brand, Franklin Mint, and is a leading candidate for Modell’s bankrupt sporting goods.
“In just eight months, we have been able to turn the whole Dressbarn business around,” Meh said in a statement. “The biggest thing we did was meet consumers where they already are: online. After seeing our almost immediate success, we realized that this model will work very well with Pier 1, whose fans have been buying home goods for almost 60 years.
Port 1 joins a crowded online space filled with entrenched competitors. Buyers are increasingly being approached Amazon (AMZN),, Wayfair (W),, Etsy (Etsy) and other e-commerce businesses. Chains for large boxes such as Target (TGT) and Walmart (WMT) also boosted the supply of home goods in recent years.
And then there is Beds bathroom and beyond (BBBY) and Tuesday morning (Tue.), competing home goods retailers that have also struggled in recent years with many of the same forces pushing Pier 1. Bed Bath & Beyond announced earlier this month that it will close about 200 stores over the next two years, and Tuesday in the morning he filed for bankruptcy in May and closed a third of his stores.