Retail E-Commerce Ventures (Miami) is the winner of a bankruptcy auction for the intellectual property of discount retailer Stein Mart (Jacksonville, Fla.), reports CNBC. The firm, founded by Chief Executive Alex Mehr and Executive Chairman Tai Lopez, recently acquired retail brands Pier 1 Imports, Dressbarn and Modell’s Sporting Goods.
“Any time you see the big, 800-pound gorilla competitor, like TJ Maxx, you know they’re doing something right,” Lopez said. “We want to be kind of an online version.”
Retail E-Commerce Ventures will pay $6.02 million for the Stein Mart name, private label brands, domain names, social media assets and customer data. Stein Mart filed for bankruptcy protection in August and closed all 281 of its stores.