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(CNBC)   Coronavirus kills off Pier 1 Imports for good   (cnbc.com) divider line
    More: Fail, Department store, Neiman Marcus, Retailing, Home goods retailer Pier, Shopping mall, Bankruptcy, Liquidation, press release  
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874 clicks; posted to Business » on 19 May 2020 at 11:26 AM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



Voting Results (Smartest)
View Voting Results: Smartest and Funniest

 
2020-05-19 11:16:57 AM  
10 votes:

FrancoFile: Be interesting to see what liquidation prices on their stuff is going to be.  I could use a case of medium-quality wineglasses.


They're liquidation prices will be their normal sale prices. Bunch of overpriced tomfoolery.

Buy it at Ollies/Big Lots in a year or two.
 
2020-05-19 11:43:13 AM  
9 votes:
Ironically, Pier 1 was killed off by a flood of crap from China.
 
2020-05-19 11:51:36 AM  
5 votes:

This text is now purple: Ironically, Pier 1 was killed off by a flood of crap from China.


Here in SF, on Grant Ave in Chinatown, are all those cheap crap from China. All the gewgaw knickknacks that, perhaps 50 years ago, might have been an exotic item. But today, they look and are cheap: plastic swords, bamboo katanas, t-shirts, ugly jewelry, plastic buddha statues. The sooner we can kill off these desiccated shops the better it is for everyone, especially these shop owners. Pier 1 is just a larger, cleaner version of those import shops.
 
2020-05-19 1:25:06 PM  
3 votes:

thespindrifter: Anyone with real money is going to shop somewhere far more upscale and exclusive.


Agreed, Pier 1 was like Anthropologie for the 80s.  Now, not so much.
 
2020-05-19 11:59:18 AM  
3 votes:

OptionC: apotheosis27: Sweet Tomatoes just went under too.

The health-conscious buffet business is worth about as much as WeWork right now.  Golden Corral, on the other hand... they'll probably be fine given their clientele


I think buffets are dead for good, but I can see a world where Golden Corral's typical restaurant layout transitions into several table-long troughs through which a slurry of Salisbury Steak and mashed potatoes are pumped, interrupted only by intervals of chocolate syrup and soft serve.
 
2020-05-19 1:24:37 PM  
2 votes:
Where am I going to buy my brittle stain smelling wicker crap now?
 
2020-05-19 1:17:03 PM  
2 votes:

thespindrifter: FrancoFile: Be interesting to see what liquidation prices on their stuff is going to be.  I could use a case of medium-quality wineglasses.

I looked a few minutes ago out of sheer bathroom boredom; their prices are barely even at sale level.

Uzzah: Oh no!  I was just getting read to spend my $1200 stimulus check on a papasan chair and a wicker giraffe!

$49 for the dish, $29 for the stand, and $69 for the cushion. That's more expensive than I remember; I seem to recall a day not too far back when you could get a completed "set" (ONE FARKING CHAIR, three pieces) for $110.00

They were never cheap to buy, just cheaply made. Hell, I'm still using a 30 year old one but I had to patch up the reed winding bindings a few times, and I half considered buying a new one, but not at that price!  600% markup is bullshiat, and the liquidators will double that before they mark it back down 25% - 30% for the "Fire sale!" >:^(


Pier 1's bigger problem is that their original business model was far easy to copy.  When they started, cheap import businesses didn't really exist, so most competing stores sold domestically-made products that were roughly the same price as Pier 1's goods, if not more expensive.

These days, international shipping is far cheaper due to economies of scale, and nearly every product is manufactured wherever it is cheapest to produce, and then shipped to retailers all over the world.  Pier 1 failed to adapt, and as their sales fell, they accumulated debt, which forced them to raise prices, which sent them into a death spiral.
 
2020-05-19 12:56:24 PM  
2 votes:

Geotpf: These places are dropping like flies.  Of course, almost all of these chains were on life support long before the virus hit.


I said it before and I will say it again: no one in their right mind is going to spend $1,100.00 on a barely $150 chair or a compressed sawdust & melamine veneer cabinet... most of which didn't even have the melamine. Their dishes weren't too bad, but still outside of the range of the majority of buyers who would actually care for their brand of kisch.

Anyone with real money is going to shop somewhere far more upscale and exclusive.
 
2020-05-19 12:51:03 PM  
2 votes:
These places are dropping like flies.  Of course, almost all of these chains were on life support long before the virus hit.
 
2020-05-20 12:38:06 AM  
1 vote:
Problem was that stuff cost too much for normal people anyway.
 
2020-05-20 12:16:22 AM  
1 vote:

emersonbiggins: OptionC: apotheosis27: Sweet Tomatoes just went under too.

The health-conscious buffet business is worth about as much as WeWork right now.  Golden Corral, on the other hand... they'll probably be fine given their clientele

I think buffets are dead for good, but I can see a world where Golden Corral's typical restaurant layout transitions into several table-long troughs through which a slurry of Salisbury Steak and mashed potatoes are pumped, interrupted only by intervals of chocolate syrup and soft serve.


Mrs. cfreak comments that hopefully there would be two separate troughs.
 
2020-05-19 7:20:25 PM  
1 vote:
What's amazing is that Pier 1 hung on for as long as it did.  They needed to wheel out the defibrillator a couple times and shock the corpse back to life, but it just kept shambling on.
 
2020-05-19 6:47:25 PM  
1 vote:
Growing up in a moribund Rust Belt city in the 80s and 90s, Pier 1 was a place of mystery and enchantment to me.

/ nothing sarcastic to say for once
 
2020-05-19 2:13:01 PM  
1 vote:
I remember buying some home furnishings from pier 1 during my first year university. Even in a 19 year old guy's apartment the pier 1 stuff stood out as particularly crappy.
 
2020-05-19 12:53:00 PM  
1 vote:

Geotpf: These places are dropping like flies.  Of course, almost all of these chains were on life support long before the virus hit.


I expect commercial real estate firms to start cratering next.  If you have any REITs in your portfolio, dump them now.
 
2020-05-19 12:50:51 PM  
1 vote:

emersonbiggins: OptionC: apotheosis27: Sweet Tomatoes just went under too.

The health-conscious buffet business is worth about as much as WeWork right now.  Golden Corral, on the other hand... they'll probably be fine given their clientele

I think buffets are dead for good, but I can see a world where Golden Corral's typical restaurant layout transitions into several table-long troughs through which a slurry of Salisbury Steak and mashed potatoes are pumped, interrupted only by intervals of chocolate syrup and soft serve.


Heh. I drove by the local Golden Corral the other day. Their sign said "The buffet will be opening soon". No thank you to the buffet and the Golden Corral.
My grandfather loved that place. When I was a kid, we would go there for dinner fairly frequently. Good memories with my grandfather. The food, not so much.
/Golden Corral and Ruby Tuesday were the two places I ended up with food poisoning
 
2020-05-19 12:50:07 PM  
1 vote:

FrancoFile: Be interesting to see what liquidation prices on their stuff is going to be.  I could use a case of medium-quality wineglasses.


I looked a few minutes ago out of sheer bathroom boredom; their prices are barely even at sale level.

Uzzah: Oh no!  I was just getting read to spend my $1200 stimulus check on a papasan chair and a wicker giraffe!


$49 for the dish, $29 for the stand, and $69 for the cushion. That's more expensive than I remember; I seem to recall a day not too far back when you could get a completed "set" (ONE FARKING CHAIR, three pieces) for $110.00

They were never cheap to buy, just cheaply made. Hell, I'm still using a 30 year old one but I had to patch up the reed winding bindings a few times, and I half considered buying a new one, but not at that price!  600% markup is bullshiat, and the liquidators will double that before they mark it back down 25% - 30% for the "Fire sale!" >:^(
 
2020-05-19 12:23:05 PM  
1 vote:

SVC_conservative: SVC_conservative: FrancoFile: Be interesting to see what liquidation prices on their stuff is going to be.  I could use a case of medium-quality wineglasses.

They're liquidation prices will be their normal sale prices. Bunch of overpriced tomfoolery.

Buy it at Ollies/Big Lots in a year or two.

I can't believe I used the wrong "their" there... I know it's not they are, I'm just a moron.


Psst. You're supposed to blame spell check.
 
2020-05-19 12:07:30 PM  
1 vote:
How good a retailer could it be if it couldn't even sell itself?
 
2020-05-19 11:47:37 AM  
1 vote:

apotheosis27: Sweet Tomatoes just went under too.


I'm surprised they're still around. They and Fresh Choice never had a chance. People just didn't feel like paying $10 to eat spinach and lettuce.
 
2020-05-19 11:40:27 AM  
1 vote:

apotheosis27: Sweet Tomatoes just went under too.


The health-conscious buffet business is worth about as much as WeWork right now.  Golden Corral, on the other hand... they'll probably be fine given their clientele
 
2020-05-19 11:30:51 AM  
1 vote:
Sweet Tomatoes just went under too.
 
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