Stalking Horse Agreement to Sell IP Assets for $4,001,800 Executed;
Hilco Streambank Seeking Higher Offers;
Offers Due November 16, 2020; Auction Scheduled for November 18, 2020
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.”
Parties interested in acquiring the Stein Mart’s intellectual property assets or learning more about the sale process should CLICK HERE or contact Hilco Streambank directly using the contact information provided below.
Executive Vice President
Senior Vice President