Retail Ecommerce Ventures (REV), an investment firm that buys face-to-face brands, is paying $ 31 million for the name of the seller of moribund household goods and for intellectual property. The goal is to relaunch Pier 1 online and create a “robust ecommerce future for the brand,” the firm said Friday.
Pier 1 filed for bankruptcy in February after nearly 60 years in business. She assessed her survival options but could not find her, and finally won court approval in May to permanently close her 500 stores. The liquidation sale began in May.
REV is co-owner of the social media influencer Tai Lopez and Alex Mehr, the co-founder of the online dating website Zoosk.
The company invests in so-called zombie brands that it believes can be revived online. REV bought the Dressbarn brand last year from the bankrupt group Ascena which had just gone bankrupt and said it turned into a successful online business. It also owns the Linens ‘n Things brand, Franklin Mint and is the leading bidder for failed Model sporting goods.
“In just eight months, we’ve been able to revolve around the entire Dressbarn business,” Mehr said in a statement. “The biggest thing we did was meet consumers where they were already: online. After seeing its immediate near-immediate success, we knew this model would work very well with Pier 1
as well, that the Their fans have been buying household items for almost 60 years. “
Pier 1 is merging with a crowded online space full of stuck competitors. Buyers have always turned to Amazon (AMZN), Wayfair (W), Etsy (ETSY) and other e-commerce businesses. Large box chains such as Look (TGT) u Walmart (WMT) they have also strengthened their home goods offerings in recent years.
And then there is Bed Bath & Beyond (BBBY) u Tuesday morning (YOURS), retailers of rival household goods that have also suffered in recent years from many of the same forces heating Pier 1. Bed Bath & Beyond announced earlier this month that it is closing about 200 stores over the next two years, and on Tuesday morning it filed for bankruptcy in May and is closing a third of its stores.