Retail Ecommerce Ventures has signed an agreement to serve as the “stalking horse” bidder, at a purchase price of $1.97 million. Retail Ecommerce Ventures, led by digital entrepreneurs Dr. Alex Mehr and Tai Lopez. Retail Ecommerce Ventures acquired Dressbarn in 2019.
The “stalking horse” bid is a “floor” bid and is subject to higher or otherwise better offers, which must be submitted on or before August 4, 2020. If such offers are received, an auction will be held on August 6. The initial minimum qualifying overbid at the auction will be $2.24 million.
The assets available for sale include Modell’s trademarks, domain names, social media assets, customer, transaction data for approximately 5.6 million customers, and “Gotta Go to Mo’s” jingle.
“With a strong omnichannel presence, the Modell’s brand generated more than $535 million in sales last year,” remarked Hilco Streambank senior vice president Richelle Kalnit. “The company invested heavily to promote its brand to sporting goods customers through radio, direct mail and sports stadium advertising. This has translated into strong top-of-mind awareness and loyal customers. A buyer of the brand has the opportunity to continue cultivating those relationships and fulfilling their athletic wear and sporting goods needs.”
Kalnit continued, “We have received a very healthy amount of interest in the Modell’s intellectual property assets, and are thrilled to announce a stalking-horse deal with Modell’s Sporting Goods Online, Inc. We look forward to continuing to market the assets with this floor bid in hand.”
Parties interested in acquiring the Modell’s intellectual property assets or learning more about the sale process go here.
Photo courtesy Modell’s
