Stein Mart is being relaunched online

Retail Ecommerce Ventures (REV), an investment business that buys beleaguered makes and relaunches them on-line, announced Wednesday it acquired the mental home of Stein Mart for $6 million. It truly is the most current battling model that REV has acquired, signing up for Pier 1, Modell’s Sporting Items and, most not long ago, RadioShack.

Stein Mart filed for individual bankruptcy in August and completely closed its around 300 brick-and-mortar suppliers. The enterprise, like other retailers, cited the pandemic for its economic distress and best collapse.

In the arrangement, REV gets Stein Mart’s private-label models, domain name and consumer details. REV will use these property to launch an on the web-only keep in early 2021.

The business is co-owned by social media influencer Tai Lopez and Alex Mehr, the co-founder of on line relationship web site Zoosk. Lopez claimed Stein Mart was an attractive buy mainly because of its devoted buyer foundation and improving upon e-commerce product sales prior to its bankruptcy.

“We seem ahead to making upon the solid basis of existing customers and introducing new loyalists to the brand name by strengthening the on the internet shopping knowledge, broadening the products mix and deploying qualified social media advertising strategies,” Lopez claimed in a assertion.

Lower price suppliers, this sort of as TJ Maxx, Marshalls and HomeGoods, have been thriving recently. TJX (TJX), which owns HomeGoods, announced very last thirty day period it can be launching an on the net retail outlet upcoming calendar year.

REV invests in so-called zombie models that it thinks can be revived on-line. It acquired Dressbarn’s manufacturer previous year from Ascena Retail Group and says it has turned it into a successful on the web enterprise. The corporation is applying the exact framework to return Pier 1 and RadioShack to their previous glory with comparable relaunch ideas.