Pier 1 filed for bankruptcy early on in 2020. It also tried and failed to find a buyer for the business. Because of COVID-19, the chain will be closing all stores still remaining in the United States - not half of their stores, as was announced earlier in 2020.

The home furnishings retailer relaunched last week as an online-only store at Pier1.com. Retail Ecommerce Ventures purchased the rights to Pier 1's trademark, intellectual property, data and e-commerce assets for $31 million in July with plans to revive the company online, REV said in a news release.

In July 2020, Retail ECommerce Ventures (REV) bought the rights to Pier 1 and planned to revive the brand as an ecommerce store. At the end of October 2020, Pier 1 Imports closed its remaining stores and transferred its website to REV, which is doing business as Dallas-based Pier 1 Imports Online, Inc.

The biggest problem Pier 1 faces is its inability to find a sweet spot. In its heyday, Pier 1 offered aesthetically interesting items that were slightly cheaper than top design brands but more expensive than the average discount furniture warehouse. Today, the market for this type of product no longer exists.

The biggest problem Pier 1 faces is its inability to find a sweet spot. In its heyday, Pier 1 offered aesthetically interesting items that were slightly cheaper than top design brands but more expensive than the average discount furniture warehouse. Today, the market for this type of product no longer exists.

DALLAS, Oct. 29, 2020 /PRNewswire/ -- Retail Ecommerce Ventures (REV) today officially relaunched Pier1.com, the new customer-centric online store for home furnishings and accessories retailer Pier 1 Imports. Tai Lopez: "Central to our playbook is retaining the brand's strengths.

In July 2020, Retail ECommerce Ventures (REV) bought the rights to Pier 1 and planned to revive the brand as an ecommerce store. At the end of October 2020, Pier 1 Imports closed its remaining stores and transferred its website to REV, which is doing business as Dallas-based Pier 1 Imports Online, Inc.

Home goods retailer Pier 1 Imports (OTC: PIRRQ) (NYSE: PIR) finally had enough. The company entered Chapter 11 bankruptcy protection in February, but the other shoe has finally dropped.