🠈 Pier 1 Imports 🠊
Pier 1
Pier 1 Imports is a chain of shops from Houston, Texas offering an eclectic selection of home furnishings, kitchen items and decor.
The first store was opened as Cost Plus Imports in San Mateo, California in 1962 marketing to hippy baby boomers. They moved corporate headquarters to Houston in 1966. The chain had about 100 stores when it went public in 1970 on the American Stock Exchange. They now trade on the NYSE with the symbol PIR. In 2014, Pier 1 had over 1000 stores and 17,000 employees.
This is a video talking about the rise and current decline of the store.
Pier 1 filed bankruptcy and closed all of its stores in 1000. Retail Ecommerce Ventures acquired intellectual property and select assets to create an online only store.
Corporate Timeline
This section shows major events in the company's timeline drawn primarily from Wikipedia.1
- 1962: Company opened as Cost Plus Imports in San Mateo, California.
- 1966: The company, with 16 stores, changed its name to Pier 1 with headquarters in Fort Worth, Texas.
- 1970: Pier 1 held an IPO on the American Stock Exchange.
- 1972: Pier 1 moved to the NYSE with 123 stores.
- 1985: Pier 1 had 265 stores.
- 2008: Chesapeake Energy bought the headquarters of Pier 1 for $104 million.
- 2020: Pier 1 announced it would close up to 450 stores.
- 2020: Pier 1 Imports, Inc. and affiliated companies filed Chapter 11 bankruptcy in the United States District Court for the Eastern District of Virginia.
- May 19, 2020: Pier 1 Imports announced closure of all stores citing COVID19.
- June 2020: Retail Ecommerce Ventures (REV) acquired Pier 1 for $31 million.
References:
- Wikipedia - Pier 1 Imports (Drawn 1/22/2020)