The company that owns the intellectual property of Radio Shack, DressBarn, Linens ‘N Things, Modell’s Sporting Goods and Pier 1 Imports has purchased the intellectual property of Stein Mart Inc.
Retail Ecommerce Ventures’ subsidiary, Stein Mart Online Inc. submitted the winning bid of $6.02 million at the November 18 court auction. The winning bid was approved on November 23 by the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division. The subsidiary acquired the Stein Mart nameplate as well as its private label brands, domain names, social media assets, and customer data.
Retail Ecommerce Ventures expects to relaunch the off-price clothing retailer as an online-only store early next year. Stein Mart had 281 stores in 30 states before it filed for Chapter 11 bankruptcy in August and announced it was closing all of its stores including a store on the Carlisle Pike in Hampden Township that opened in 2017.
Retail Ecommerce Ventures sees a lot of potential in relaunching Stein Mart.
“The company’s investments in an omnichannel platform for its offering of designer and private label fashion apparel, shoes, home décor and accessories paved the way for Steinmart.com to post double digit sales growth and increase its average online order to $80,” Retail Ecommerce Ventures executive chairman Tai Lopez said in a press release. “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.”
Retail Ecommerce Ventures was founded by Alex Mehr and Tai Lopez last year.
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December 08, 2020 at 09:52AM
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Company that owns Radio Shack, Dress Barn and Pier 1 Imports buys SteinMart; retailer to be relaunched online - PennLive
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