Pier 1

Pier 1

Pier 1 Imports Inc. is a Fort Worth, Texas-based omnichannel retailer specializing in imported home furnishings and decor, particularly furniture, table-top items, decorative accessories, and seasonal decor. It was publicly traded on the New York Stock Exchange under ticker PIR.[2]. Pier 1 is currently undergoing reorganization after filing for Chapter 11 bankruptcy protection on February 17, 2020. On May 19, 2020, Pier 1 announced that it was asking the bankruptcy court to close all stores, due in large part to the COVID-19 pandemic and failing to find a buyer.

The first Pier 1 Imports store under the name Import Cargo opened in San Mateo, California, in 1962. According to the company's official history, the original store catered to hippy baby boomers and featured love beads and incense.[3]

By 1966, Pier 1 had grown to 16 store locations, and established its corporate headquarters in Fort Worth, Texas.

Pier 1 went public on the American Stock Exchange in 1970 and later joined the New York Stock Exchange in 1972.[3] At this time, the company had grown to 123 stores, posted 100 percent sales gains for four consecutive years, and opened stores internationally in Australia and Europe. A Pier 1 store in Royal Oak, Michigan reached annual sales of $1 million in 1979. By 1985, the Pier 1 chain grew to 265 stores, with the management goal of doubling that number by 1990.

Pier 1 had a presence in Japan, in Greater Tokyo Area between April 1996 and early 2002 as franchised stores operated by Akatsuki Printing Co.[4][5] There were 5 stores by early 1997[6], 16 by fiscal 1998[7], 18 by fiscal 1999[8], which shrunk to just 9 by early 2000.[9]

On December 29, 2006, Standard & Poor's bumped Pier 1 Imports Inc. down one spot and off the bottom of the S&P MidCap 400 Index when it added Parametric Technology Corp. (NASDAQ: PMTC), a software company.[10] As of December 2012, the company had sales of $418 million.[11]

In April 2008, Chesapeake Energy bought the headquarters of Pier 1 for $104 million.[12][13]

In May 2017, Alasdair James became CEO following Alex Smith's departure in December 2016.[14] In December 2018, Alasdair James was replaced by veteran CEO Cheryl Bachelder. Bachelder is serving as interim CEO.

On January 6, 2020, it was announced that Pier 1 will close up to 450 stores, citing "a reduction in corporate headcount."[15][16]

On February 17, 2020, Pier 1 Imports, Inc. and seven affiliated companies filed Chapter 11 bankruptcy in the United States District Court for the Eastern District of Virginia. As part of the filing, the company is closing all their stores in Canada.[17]

On May 19, 2020, Pier 1 announced that it is asking the bankruptcy court to close all stores, due in large part to the COVID-19 pandemic and failing to find a buyer.