The company will pay $6.02M for the brand name along with its private-label brands, domain names, social media assets and other customer data.
Stein Mart filed for bankruptcy protection in August of this year which led to the closure of its 281 store locations. Retail Ecommerce Ventures (REV) – a company that has acquired brands including Pier1, Dressbarn, Modell’s Sporting Goods and Farmerscart in the past –now plans to relaunch Stein Mart as a digital-only brand.
REV have a strong track record of acquiring brands and turning them around, the company has reportedly generated more than $1bn in sales since its launch in 2019 and the company plans to continue looking for brands to acquire but that still have solid potential.
Tai Lopez from REV commented: “Retailers are going to look at their holiday numbers, and they’ve got all these leases due. There’ll be blood in the streets again, without a doubt.”
