NEW YORK, July 30, 2020 /PRNewswire/ -- Hilco Streambank, a leading intellectual property advisory firm specializing in the valuation and sale of intangible assets, announced the sale of the intellectual property assets of Modell's Sporting Goods and the execution of a stalking horse bid for the assets.
Digital entrepreneurs Dr. Alex Mehr and Tai Lopez hope to add "Mo's" to their rapidly growing portfolio of businesses. Through their holding company, Retail Ecommerce Ventures, Dr. Mehr and Lopez acquired Dressbarn in 2019. Retail Ecommerce Ventures is a pioneer in digital business transformations, specializing in reinvigorating brands with immense existing affinity into ecommerce giants where they can grow and prosper.
Modell's Sporting Goods Online, Inc., a subsidiary of Retail Ecommerce Ventures, has signed an agreement to serve as the "stalking horse" bidder, at a purchase price of $1,965,000. The "stalking horse" bid is a "floor" bid, and is subject to higher or otherwise better offers, which must be submitted on or before August 4, 2020. If such offers are received, an auction will be held on August 6, 2020. The initial minimum qualifying overbid at the auction will be $2,240,000.
The assets available for sale include the Modell's trademarks, domain names, social media assets, customer, transaction data for approximately 5.6 million customers and "Gotta Go to Mo's" jingle.
Modell's is the oldest family-owned sporting goods retailer in America, and has engendered a strong customer following over its nearly 130 years of operations. With over 150 retail stores stretching across the Northeast and Mid-Atlantic states, as well as its ecommerce site Modells.com, the company offers workout and lifestyle apparel, licensed team products, athletic footwear and sporting goods. The brand maintains a strong connection with its customers through its MVP Rewards Program, and nearly half of all transactions are attributed to MVP Rewards Program members.
"With a strong omnichannel presence, the Modell's brand generated more than $535 million in sales last year," remarked Hilco Streambank senior vice president Richelle Kalnit. "The company invested heavily to promote its brand to sporting goods customers through radio, direct mail and sports stadium advertising. This has translated into strong top-of-mind awareness and loyal customers. A buyer of the brand has the opportunity to continue cultivating those relationships and fulfilling their athletic wear and sporting goods needs."
Kalnit continued, "We have received a very healthy amount of interest in the Modell's intellectual property assets, and are thrilled to announce a stalking horse deal with Modell's Sporting Goods Online, Inc. We look forward to continuing to market the assets with this floor bid in hand."
Parties interested in acquiring the Modell's intellectual property assets or learning more about the sale process should CLICK HERE or contact Hilco Streambank directly using the contact information provided below.
About Hilco Streambank: Hilco Streambank is a market leading advisory firm specializing in intellectual property disposition and valuation. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, and online sales through IPv4.Global, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities. Hilco Streambank is part of Northbrook, Illinois based Hilco Global, the world's leading authority on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, retail and industrial inventory acquisition and disposition, real estate and strategic capital equity investments.
Retail Ecommerce Ventures: REV was founded by Dr. Alex Mehr and Tai Lopez in 2019 as a means for giving life to businesses that struggled to succeed in the age of ecommerce. Responsible for brands and products that have generated more than $1 Billion in sales, including a $298 Million exit for Dr. Mehr's Zoosk, the two have set their sights on acquiring distressed retail brands with global renown. With unrivaled experience in digital marketing and advertising, principally on Youtube (Lopez) and Facebook (Dr. Mehr), they create thriving online stores where physical-first operations previously failed. So far, they have revitalized women's fashion leader Dressbarn, and are set to close on Pier 1 Imports.
For media and press:
Gary C. Epstein
EVP Chief Marketing Officer
Retail Ecommerce Ventures
Media Relations: ASTRSK PR
SOURCE Hilco Streambank