Business
Pier 1 owner buys bankrupt Stein Mart for $6 million, to relaunch brand online next year – CNBC
Retail Ecommerce Ventures will pay roughly $6 million for Stein Mart’s intellectual property, with plans to relaunch the off-price retailer online next year.
The company that has given Pier 1 Imports, Dressbarn and Modell’s Sporting Goods a second chance at life online, is adding another embattled retailer to its empire: Stein Mart.
Miami-based Retail Ecommerce Ventures has emerged as the winner of a bankruptcy court auction for the intellectual property of Stein Mart, the company announced Wednesday. It will pay $6.02 million for the Stein Mart nameplate, as well as its private-label brands, domain names, social media assets and other customer data….
