History of Pier 1 Imports in Timeline
Pier 1 Imports, Inc. was a Fort Worth, Texas-based retailer specializing in imported home furnishings and decor. The company sold furniture, table-top items, decorative accessories, and seasonal decor. At its peak, Pier 1 operated over 1,000 stores across the United States and Canada. The company was publicly traded on the New York Stock Exchange under the ticker symbol PIR. Due to financial difficulties compounded by the COVID-19 pandemic, Pier 1 filed for Chapter 11 bankruptcy protection in February 2020, ultimately leading to the closure of all its physical stores by May 2020. While the physical stores are gone, Pier 1 continues to operate as an online retailer.
1962: Pier 1 Origins
In 1962, Charles D. Tandy and Luther Henderson of Tandy Corporation provided a loan to Cost Plus Imports in exchange for franchise rights, leading to the opening of their first franchised location in San Mateo, California.
1966: Pier 1 Expansion and Rebranding
By 1966, Tandy and Henderson expanded their franchise to 16 locations in California and Texas, rebranding the stores as Pier 1 Imports and establishing a new corporate headquarters in Fort Worth, Texas.
1970: Pier 1 Goes Public
Pier 1 Imports went public on the American Stock Exchange in 1970.
1979: Pier 1 Achieves $1 Million Sales
In 1979, a Pier 1 store in Royal Oak, Michigan, achieved $1 million in annual sales.
1985: Pier 1 Growth and Expansion Goals
By 1985, Pier 1 Imports grew to 265 stores, with a management goal of doubling that number by 1990.
1985: Pier 1 Partners with UNICEF
Pier 1 Imports began its corporate partnership with the U.S. Fund for UNICEF in 1985.
1990: Pier 1 Expansion Goal
By 1990, Pier 1 Imports aimed to double its store count from the 265 stores it had in 1985.
April 1996: Pier 1 Enters Japan
Pier 1 Imports entered the Japanese market in April 1996, with franchised stores operated by Akatsuki Printing Co. in the Greater Tokyo Area.
1997: Pier 1 Expands in Japan
By early 1997, Pier 1 Imports operated five stores in Japan.
1998: Pier 1 Further Expansion in Japan
By fiscal 1998, Pier 1 Imports had expanded to 16 stores in Japan.
1999: Continued Growth in Japan
By fiscal 1999, Pier 1 Imports operated 18 stores in Japan.
2000: Pier 1 Downsizes in Japan
By early 2000, Pier 1 Imports had reduced its presence in Japan to nine stores.
2002: Pier 1 Exits Japan
Pier 1 Imports exited the Japanese market in early 2002.
December 29, 2006: Pier 1 Removed from S&P MidCap 400 Index
On December 29, 2006, Standard & Poor's removed Pier 1 Imports Inc. from the S&P MidCap 400 Index.
April 2008: Pier 1 Sells Headquarters Building
In April 2008, Pier 1 Imports sold its headquarters building for $104 million.
December 2012: Pier 1 Sales Figures
As of December 2012, Pier 1 Imports reported sales of $418 million.
2013: Pier 1's UNICEF Partnership Raises Over $42 Million
As of 2013, Pier 1 Imports' partnership with UNICEF had raised over $42 million through various initiatives.
December 2016: Alex Smith's Departure
Alex Smith departed from his role as CEO of Pier 1 Imports in December 2016.
May 2017: Alasdair James Becomes CEO
Alasdair James became CEO of Pier 1 Imports in May 2017, following Alex Smith's departure in December 2016.
December 2018: Cheryl Bachelder Replaces Alasdair James as CEO
In December 2018, Cheryl Bachelder replaced Alasdair James as CEO of Pier 1 Imports, serving as interim CEO until Robert Riesbeck took over in November 2019.
November 2019: Robert Riesbeck Becomes CEO
Robert Riesbeck, former CFO of Pier 1, took over as CEO in November 2019.
January 6, 2020: Pier 1 Announces Store Closures and Corporate Headcount Reduction
On January 6, 2020, Pier 1 announced the closure of up to 450 stores and a reduction in corporate headcount.
January 2020: Pier 1 Operates Over 1,000 Stores
In January 2020, Pier 1 Imports operated over 1,000 physical stores across the United States and Canada.
February 17, 2020: Pier 1 Files for Bankruptcy
On February 17, 2020, Pier 1 Imports filed for Chapter 11 bankruptcy protection.
May 19, 2020: Pier 1 Announces Store Closures
On May 19, 2020, Pier 1 Imports announced its intention to close all of its physical stores due to the impact of the COVID-19 pandemic and lack of a buyer.
June 2020: REV Acquires Pier 1
In June 2020, Retail Ecommerce Ventures (REV) acquired Pier 1 for $31 million.
July 2020: Retail ECommerce Ventures Acquires Pier 1
In July 2020, Retail ECommerce Ventures (REV) acquired the rights to the Pier 1 brand with plans to relaunch it as an e-commerce store.
October 2020: Pier 1 Closes Remaining Stores and Transitions to E-commerce
At the end of October 2020, Pier 1 Imports closed its remaining physical stores and transitioned its operations to an online platform under REV.
October 2020: Pier 1 Plans to Close All Stores
Pier 1 Imports announced plans to close all its stores by the end of October 2020.
October 2020: REV Takes Control of Pier 1 Website
REV acquired control of the Pier 1 website at the end of October 2020 and shifted online operations to Dallas.
March 2, 2023: REV Considers Bankruptcy for Pier 1
On March 2, 2023, Retail Ecommerce Ventures (REV), the parent company of Pier 1 Imports, announced it was considering filing for bankruptcy.
