• The Dallas Morning News reports that Retail Ecommerce Ventures, the new owner of Pier 1 Imports, is "preparing to launch a new e-commerce business under the 58-year-old brand’s name in late August.>
Some background from the story: "The sale of Pier 1 Imports, announced earlier in July, was approved in bankruptcy court Thursday to Retail Ecommerce Ventures, a company co-owned by social media influencer Tai Lopez and former NASA scientist Alex Mehr.
"The investors paid $31 million for Pier 1′s intellectual property, which includes its trademark name, its data, including customer lists, and other assets related to e-commerce.
"Pier 1 had operations issues and came to the e-commerce business late, but its strengths were its in-house designers, its merchandisers and its longtime relationships with factories and artisans all over the world. Pier 1′s early signature items were decorative patio wind chimes and wicker and rattan furniture, including papasan chairs. Then, for years, the retailer had success selling its own dinnerware, glassware, linens and decorative furniture and accessories."
The story says that "Lopez and Mehr have acquired brands and built new online businesses with names with consumer recognition but failed operations. Lopez calls distressed retail brands 'low-hanging fruit' to be in invested in and revitalized."