American bankrupt fashion retailer Stein Mart, which has been planning to sell its intellectual property (IP) ever since it filed for bankruptcy in August, now has a US $ 4 million bid for its IP.
And that’s now the baseline for an auction, as per the filings made in the court.
Stein Mart Online, Inc., the stalking horse bidder, was formed 2 weeks after the retailer had filed for Chapter 11 bankruptcy in August.
Alex Mehr and Tai Lopez, according to court papers, have been listed as contacts for the above company that has bid for retailer’s IP.
Alex and Tai are also founders of Retail Ecommerce Ventures (REV) that eyes ailing retailers and helps create thriving online stores where physical-first operations failed previously.
It needs to be seen if Stein Mart can make a place of its own purely as a digital retailer.
Meanwhile, Stein Mart has proposed a bid date of 16 November, with auction commencing on 18 November and bankruptcy court hearing on 23 November.
It was only last month that the Federal Bankruptcy Court had approved the hiring of Hilco Streambank to handle the sale of retailer’s IP.
Also Read: Clothing retailer Stein Mart’s IP going up for sale!
