Hilco Streambank is marketing the intellectual property assets of Stein Mart after the retailer signed a $4 million deal with a subsidiary of Retail Ecommerce Ventures (REV) to be the stalking horse bidder for Stein Mart’s IP.
Assets to be sold include the Stein Mart brand, its private label brands, domain names, social media assets and customer data.
Stein Mart, which operated 283 department stores across 30 states as of January 2020 as well as an e-commerce platform at SteinMart.com, filed for Chapter 11 bankruptcy in August and closed all its stores.
Retail Ecommerce Ventures, led by Executive Chairman Tai Lopez and CEO Alex Mehr, has over the past two years also acquired the intellectual property assets of Dressbarn, Franklin Mint, Linens ‘n Things, Pier 1 Imports, and Modell’s Sporting Goods.
Hilco Streambank senior vice-president Richelle Kalnit said: “The company’s investment in omnichannel capabilities resulted in double-digit sales growth for SteinMart.com and helped them reach an average online order value of $80. Stein Mart was a pioneer in bringing the off-price model online and providing the customer multiple options to engage with the brand, including buy online, pick up in-store and buy online, ship from store, resulting in year-over-year sales growth in 2019 and 2020. The buyer of the Stein Mart intellectual property assets will have the opportunity to build on the brand’s e-commerce growth and continue to provide customers with the styles and value she has come to love from Stein Mart.”
Photo courtesy Stein Mart
