Retail Ecommerce Ventures (REV), an investment firm that buys blocked brands, is paying $ 31 million for the seller’s name and the intellectual property of the home goods sellers. The goal is to restart Pier 1 online and create “a strong ecommerce future for the brand,” the firm said Friday.
Pier 1 filed for bankruptcy in February after nearly 60 years in business. He evaluated his survival options but could not find any, and eventually won court approval in May to permanently close its 500 stores. Liquidation sales began in May.
REV is owned by social media influencers Tai Lopez and Alex Mehr, co-founders of the online dating site 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 newly bankrupt Ascena Retail Group and says it has grown into a successful online business. He also owns the Linens̵
7; N Things brand, Franklin Mint and is the leading bidder for the bankruptcy of Modell Sporting Goods.
“In just eight months, we were able to get back into the entire Dressbarn business,” Mehr said in a statement. “The biggest thing we did was meet customers where they were already: online. After seeing its imminent close success, we knew this model would work very well with Pier 1, too, the fans. whose goods have been purchased at home for nearly 60 years. “
Pier 1 is joining a crowded space filled with embedded competitors. Buyers are increasingly directed Amazon (AMZN), Wayfair (W), Etsy (Etsy) and other e-commerce businesses. Chains with large boxes such as target (TGT) and Walmart (WMT) have also strengthened their home goods offerings in recent years.
And then there is Bathroom & Beyond (BBBY) and Tuesday morning (Tues.), household goods retailers that have also struggled in recent years by many of the same forces pressing Pier 1. Bed Bath & Beyond announced earlier this month that it is closing about 200 stores over the next two years, and on Tuesday at morning filed for bankruptcy in May and is closing one-third of its stores.