Stein Mart, the American bankrupt clothing retailer, had been planning to sell its intellectual property (IP) for some time.
It has finally happened now!
Also Read: US $ 4 million bid for Stein Mart’s IP!
Retail Ecommerce Ventures, better known as REV, has purchased the ailing retailer’s IP for US $ 6.02 million.
And with this, REV also acquires all of Stein Mart’s private brands in addition to acquiring the name plate of the retailer. Besides, it also gets domain names, social media assets and customer details.
REV had submitted the bid during the auction on 18 November, which was approved by the court on 23 November.
If reports are to be believed, the new owner will be relaunching Stein Mart as digital-only store in early 2021.
Hit badly by the pandemic, Stein Mart had been struggling with its vendors all through the year, eventually forcing the retailer to file for Chapter 11 bankruptcy in August 2020.
Now, REV, the new owner, hopes to revive Stein Mart by establishing itself in the e-commerce world. How successfully it is able to do it remains to be seen.
Founded by Alex Mehr and Tai Lopez, REV aims to renew the businesses of all those retailers who have been struggling to survive in the fast-growing digital era.