Stein Mart has a bidder.
Hilco Streambank, an 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 off-price retailer declared bankruptcy in August.
On October 29, Stein Mart Online, a majority-owned subsidiary of Retail Ecommerce Ventures, signed an agreement to serve as the "stalking horse" bidder, at a purchase price of approximately $4 million. The assets available for sale include the Stein Mart brand as well as its private-label brands, domain names, social media assets and customer data.
During the last two years, Retail Ecommerce Ventures has built a diverse group of e-commerce-focused businesses by acquiring the intellectual property assets of Dressbarn, Franklin Mint, Linens 'n Things and, most recently, Pier 1 Imports and Modell's Sporting Goods.
The "stalking horse" bid 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.
"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 VP Richelle Kalnit. “The buyer of the Stein Mart intellectual property assets will have the opportunity to build on the brand's e-commerce growth and continue to provide customers with the styles and value she has come to love from Stein Mart."