Pier 1 Imports Files for Bankruptcy Protection

J-Man
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Pier 1 Imports Files for Bankruptcy Protection

Post by J-Man » February 17th, 2020, 11:17 am


rwsandiego
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Re: Pier 1 Imports Files for Bankruptcy Protection

Post by rwsandiego » February 17th, 2020, 6:11 pm

I thought they had already filed.

Stopped by one of the closing stores today. Stuff was 30% off regular price, which is not much different than a typical Pier 1 sale.

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Re: Pier 1 Imports Files for Bankruptcy Protection

Post by reymann » May 19th, 2020, 1:43 pm

pier 1 imports plans to liquidate all of their stores as states start emerging from their lockdown orders.

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Re: Pier 1 Imports Files for Bankruptcy Protection

Post by SamSpade » May 19th, 2020, 5:02 pm

In case you forgot what a Pier 1 looks like, Retail Archaeology did a good tour in 2019:
https://youtu.be/12QyhpRY2eI

I have one of the most solid tables I've ever owned in my life from that chain, built a lot like an IKEA table with Allen wrench assembly.

But, I see how this chain has been struggling. Gotta wonder what this means for Bed Bath & Beyond and subsidiary Cost Plus World Market.

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Re: Pier 1 Imports Files for Bankruptcy Protection

Post by storewanderer » May 20th, 2020, 12:52 am

Remember Cost Plus was on the way out when Bed Bath and Beyond purchased them. No clue how profitable Cost Plus is but they do a good chunk of business on consumables (liquor and food), no clue how profitable that business line is for them though.

Pier One closing may help Cost Plus. Cost Plus does get foot traffic and their merchandising has not fallen into nearly the state of distress that Bed Bath and Beyond has in the past six months.

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Re: Pier 1 Imports Files for Bankruptcy Protection

Post by babs » May 20th, 2020, 10:16 pm

storewanderer wrote:
May 20th, 2020, 12:52 am
Remember Cost Plus was on the way out when Bed Bath and Beyond purchased them. No clue how profitable Cost Plus is but they do a good chunk of business on consumables (liquor and food), no clue how profitable that business line is for them though.

Pier One closing may help Cost Plus. Cost Plus does get foot traffic and their merchandising has not fallen into nearly the state of distress that Bed Bath and Beyond has in the past six months.
I don''t believe the closure of Pier 1 will help Cost Plus much. What did Pier 1 in was the explosion of home product selection all over the place. Everything from Target expanding home over the years with lines like Magnolia to Home Goods, Ikea, Pottery Barn, the list goes on an on. And of course online sellers like Wayfair, Overstock, and may more. Home has been one of the fastest growing categories and Pier 1 couldn't find their place.

I believe Cost Plus has a 50/50 split between consumables and hard goods.

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Re: Pier 1 Imports Files for Bankruptcy Protection

Post by babs » May 20th, 2020, 10:16 pm

storewanderer wrote:
May 20th, 2020, 12:52 am
Remember Cost Plus was on the way out when Bed Bath and Beyond purchased them. No clue how profitable Cost Plus is but they do a good chunk of business on consumables (liquor and food), no clue how profitable that business line is for them though.

Pier One closing may help Cost Plus. Cost Plus does get foot traffic and their merchandising has not fallen into nearly the state of distress that Bed Bath and Beyond has in the past six months.
I don''t believe the closure of Pier 1 will help Cost Plus much. What did Pier 1 in was the explosion of home product selection all over the place. Everything from Target expanding home over the years with lines like Magnolia to Home Goods, Ikea, Pottery Barn, the list goes on an on. And of course online sellers like Wayfair, Overstock, and may more. Home has been one of the fastest growing categories and Pier 1 couldn't find their place.

I believe Cost Plus has a 50/50 split between consumables and hard goods.

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Re: Pier 1 Imports Files for Bankruptcy Protection

Post by storewanderer » May 20th, 2020, 10:35 pm

babs wrote:
May 20th, 2020, 10:16 pm


I don''t believe the closure of Pier 1 will help Cost Plus much. What did Pier 1 in was the explosion of home product selection all over the place. Everything from Target expanding home over the years with lines like Magnolia to Home Goods, Ikea, Pottery Barn, the list goes on an on. And of course online sellers like Wayfair, Overstock, and may more. Home has been one of the fastest growing categories and Pier 1 couldn't find their place.

I believe Cost Plus has a 50/50 split between consumables and hard goods.
Well, for Bed Bath and Beyond's sake I hope it helps Cost Plus. Bed Bath and Beyond needs all the help it can get.

It seems like Pier 1 used to do a lot of marketing back in the 90's and into the 00's but in recent years I haven't seen much if any marketing for them. Meanwhile these other stores like Home Goods, Ikea, Pottery Barn, etc. have been heavily expanding and heavily marketing.

I am not sure I've ever actually bought anything from Pier 1 despite that they have multiple stores in my market. Yet I've bought from Ikea and Pottery Barn when I've been out of town, both of which do not even have a store in my market.

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Re: Pier 1 Imports Files for Bankruptcy Protection

Post by TW-Upstate NY » May 22nd, 2020, 8:42 am

storewanderer wrote:
May 20th, 2020, 10:35 pm
I am not sure I've ever actually bought anything from Pier 1
I've literally only been in a Pier 1 exactly one time. It was in Pa. in the mid-70's and the store was located in a new strip plaza that looked run down from the day it opened. My Mother bought what looked like a circular bamboo clothes hamper which I nicknamed the "cobra basket" because it looked similar to what I'd seen snake charmers use. I think there is/was one at least one that I know of I'm going to say in the Schenectady/Rotterdam area but don't quote me on that. Think I recall seeing it in one of the plazas there. Not even sure it's survived to this point. And funny you mentioned Ikea and talk about the lengths people go to shop there. My neighbor and my cousin are both senior citizens in their very late 70's/early 80's. Recently, my neighbor left me something in an Ikea bag. I asked her how she happened to get a bag like that and remarked the closest stores I'm aware of are in Northern NJ. Her answer was that's where her and my cousin go to shop at least a few times a year. My point is if you're having two women of that age driving that long a distance (with the traffic I'm going to say maybe 3 1/2-4 hours one way) to shop there and Pier 1 sells some of the same stuff no wonder they're on their way out.

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Re: Pier 1 Imports Files for Bankruptcy Protection

Post by BillyGr » May 22nd, 2020, 5:51 pm

TW-Upstate NY wrote:
May 22nd, 2020, 8:42 am
storewanderer wrote:
May 20th, 2020, 10:35 pm
I am not sure I've ever actually bought anything from Pier 1
I think there is/was one at least one that I know of I'm going to say in the Schenectady/Rotterdam area but don't quote me on that. Think I recall seeing it in one of the plazas there. Not even sure it's survived to this point.
Don't remember one there (but it's certainly possible) - the couple that are still left in the area are Albany (Wolf Road) and Clifton Park (in front of what was the Clifton Country Mall, now Clifton Park Center). Both freestanding buildings.

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