Retail Ecommerce Ventures Offers $20 Million for Pier 1 Imports Brand and eCommerce Business

Furniture World News Desk on 7/7/2020

Retail Ecommerce Ventures LLC recently offered $20 million for Pier 1 Imports brand and eCommerce business.

Pier 1 filed for Chapter 11 protection in February before stores began closing due to COVID-19. In May, after being unable to find a buyer, the company filed a motion to begin a wind-down of their retail operations once store locations were able to reopen following government-mandated closures.

Retail Ecommerce Ventures, owned by Tai Lopez and Dr. Alex Mehr, made a "stalking horse" bid, which means Pier 1 can accept a higher bid or beter offer if they receive one. The retailer plans to consider offers during an auction on July 8th.

Retail Ecommerce Ventures purchased Dressbarn's ecommerce business in 2019 after the company decided to wind down operations at all 544 of it's retail locations. The company relaunched the dressbarn website earlier this year.

About Pier 1 Imports, Inc: Founded with a single store in 1962, Pier 1 Imports is a leading omni-channel retailer of unique home décor and accessories. The Company’s products are available through approximately 541 Pier 1 stores in the U.S. and online at pier1.com. For more information, visit pier1.com.