A venture called Stein Mart Online Inc. was the winning bidder at a Nov. 18 bankruptcy court auction to buy the intellectual property of Stein Mart Inc., with a bid of $6.02 million, according to court documents.
Stein Mart, a Jacksonville-based fashion retailer, filed for Chapter 11 bankruptcy in August and closed the last of its 281 stores last month. However, the sale of the intellectual property allows the winning bidder to continue to use the Stein Mart brand online.
Court documents give few details about Stein Mart Online. Hilco Streambank, an intellectual property advisory firm that marketed the assets for sale, said Stein Mart Online is a majority-owned subsidiary of Retail Ecommerce Ventures.
Hilco said in a news release last month that Retail Ecommerce Ventures “has built a diverse group of ecommerce-focused businesses by acquiring the intellectual property assets of Dressbarn, Franklin Mint, Linens 'n Things, Pier 1 Imports, and Modell's Sporting Goods.”
The sale of Stein Mart’s intellectual property is subject to approval at a hearing Nov. 23 in U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division.