A company that is making a name for itself by buying up the intellectual assets of bankrupt retail brands has struck again.
Retail Ecommerce Ventures acquired Modell’s Sporting Goods, which filed for bankruptcy in March and is liquidating all its stores, at a bankruptcy auction for $3.64 million. Under the terms of the agreement, REV acquired Modell’s trademark assets, including its domain names, loyalty rewards program materials, social media assets, existing e-commerce database, and the brand’s signature “Gotta Go to Mo’s” jingle.
The sale, which closed on Aug. 14, makes Modell’s a majority-owned subsidiary of REV. Among REV’s most recent acquisitions are Pier 1 Imports, which closed on July 30, as well as housewares retailer Linens ‘n Things and collectibles retailer Franklin Mint. In late 2019, REV acquired the intellectual property assets of the Dressbarn, pivoting the clothing brand’s business model to an e-commerce model.
“Modell’s is a prime example of a brand that has continued to build such a loyal following over the years, despite the changing tides of brick-and-mortar retail,” said Tai Lopez, co-founder and president of REV. “We look forward to taking what customers already know and love about Modell’s, and replicating it online in a new and exciting e-commerce experience.”