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REV subsidiary buys bankrupt Stein Mart for $6.02 mn

05
Dec '20
Pic: Shutterstock
Pic: Shutterstock
US-based Retail Ecommerce Ventures (REV) recently announced that a subsidiary emerged as the winner of a bankruptcy court auction for the intellectual property of Stein Mart Inc. REV expects to re-launch the off-price family fashion and home goods retailer as an online-only store early next year. The winning bid was officially approved on November 23.

REV's new majority-owned subsidiary, Stein Mart Online Inc., submitted the winning bid of $6.02 million at the November 18 court auction, according to a press release from the company.

The REV subsidiary acquired the Stein Mart nameplate as well as its private label brands, domain names, social media assets, and customer data from Hilco Streambank, an IP advisory firm that was marketing the assets.

REV had earlier purchased the Radio Shack brand and relaunched Dress Barn and Pier 1 Imports as online-only businesses.

REV executive chairman Tai Lopez said Stein Mart was a pioneer in taking an off-price brick and mortar retail concept online.

"We look forward to building upon the solid foundation of existing Steinmart.com customers and introducing new loyalists to the brand by improving the online shopping experience, broadening the merchandise mix and deploying targeted social media marketing campaigns," Lopez said.

REV was founded by Alex Mehr and Tai Lopez in 2019 to renew businesses that have struggled in the age of e-commerce.

Fibre2Fashion News Desk (DS)


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