iCrowdNewswire Nov 12, 2020 12:10 PM ET
Hilco Streambank, a leading intellectual property advisory firm specializing in the valuation and sale of intangible assets, announced the sale of the intellectual property assets of Stein Mart and the execution of a stalking horse bid for the assets.
The assets available for sale include the Stein Mart® brand as well as its treasured private label brands, domain names, social media assets, and customer data.
Stein Mart has been a cherished destination for shoppers in the Southeast, Texas, Arizona and California for over 100 years. Through its omni-channel offerings, Stein Mart and SteinMart.com are known for their designer and private label fashion apparel, home décor, accessories, and shoes at everyday discount prices. As of January 2020, the Company operated 283 stores across 30 states in the U.S. as well as the growing ecommerce platform at SteinMart.com.
On October 29, 2020, Stein Mart Online, Inc., a majority-owned subsidiary of Retail Ecommerce Ventures, signed an agreement to serve as the “stalking horse” bidder, at a purchase price of $4,001,800. The “stalking horse” bid is a “floor” bid, and is subject to higher or otherwise better offers, which must be submitted on or before November 16, 2020. If such offers are received, an auction will be held on November 18, 2020. The initial minimum qualifying overbid at the auction will be $4,221,854.
Over the last two years, Retail Ecommerce Ventures, led by Executive Chairman Tai Lopez and Dr. Alex Mehr, CEO, has built a diverse group of ecommerce-focused businesses by acquiring the intellectual property assets of Dressbarn, Franklin Mint, Linens ‘n Things, Pier 1 Imports, and Modell’s Sporting Goods.
“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,” remarked Hilco Streambank Senior Vice President Richelle Kalnit.
Kalnit added, “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 ecommerce growth and continue to provide customers with the styles and value she has come to love from Stein Mart.”
About Hilco Streambank: Hilco Streambank is a market leading advisory firm specializing in intellectual property disposition and valuation. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, and online sales through IPv4.Global, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities. Hilco Streambank is part of Northbrook, Illinois based Hilco Global, the world’s leading authority on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, retail and industrial inventory acquisition and disposition, real estate and strategic capital equity investments.
About Retail Ecommerce Ventures: REV was founded by Dr. Alex Mehr and Tai Lopez in 2019 as a means for giving life to businesses that struggled to succeed in the age of ecommerce. Responsible for brands and products that have generated more than $1 Billion in sales, including a $258 Million exit for Dr. Mehr’s Zoosk, the two have set their sights on acquiring distressed retail brands with global renown. With unrivaled experience in digital marketing and advertising, principally on Youtube (Lopez) and Facebook (Dr. Mehr), they create thriving online stores where physical-first operations previously failed. So far, they have revitalized women’s fashion leader Dressbarn, and recently acquired Pier 1 Imports and Modell’s Sporting Goods.
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Gary C. Epstein
EVP Chief Marketing Officer
Gary C. Epstein
EVP Chief Marketing Officer