Hilco Streambank announces sale of Stein Mart’s IP assets

11 November 2020 (Last Updated November 11th, 2020 15:57)

Advisory company Hilco Streambank is seeking offers for the intellectual property (IP) assets of US discount department store chain Stein Mart.

Advisory company Hilco Streambank is seeking offers for the intellectual property (IP) assets of US discount department store chain Stein Mart.

Hilco has also announced the execution of a stalking horse bid for the assets.

The available assets include Stein Mart brand, label brands, domain names, social media assets, and customer data.

In August, Stein Mart, along with its subsidiaries, filed for Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Middle District of Florida–Jacksonville Division.

Hilco Streambank senior vice-president Richelle Kalnit said: “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.

“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 e-commerce growth and continue to provide customers with the styles and value she has come to love from Stein Mart.”

Stein Mart and SteinMart.com offer designer and private label fashion apparel, home décor, accessories, and shoes at everyday discount prices.

The company operated 283 stores across 30 states in the US until January 2020.

Last month, Stein Mart Online, a majority-owned subsidiary of Retail Ecommerce Ventures, entered an agreement to serve as the stalking horse bidder.

The bids can be submitted until 16 November.