Fort Worth-based Pier 1 Imports is coming to the end of its life as a brick-and-mortar retail business, but a pair of serial entrepreneurs hope to keep the brand alive online.
Retail Ecommerce Ventures LLC, owned by entrepreneurs Tai Lopez and Alex Mehr, has finalized its $31 million purchase of Pier 1’s intellectual property, data and other assets related to its ecommerce business. That was a business that Pier 1 was never able to get off the ground.
Pier 1 filed for bankruptcy in February, ending nearly 60 years as a high-end home goods retailer, most of those years based in Fort Worth. The purchase by Retail Ecommerce Ventures was approved on July 31.
Retail Ecommerce Ventures has previously purchased assets of other brands that have been in distress, including the Dressbarn brand in 2019.