Bankrupt Stein Mart Gets $6 Million Bid for Online Business

Nov. 20, 2020, 10:56 PM

An affiliate of Retail Ecommerce Ventures LLC won a bankruptcy auction for Stein Mart Inc.'s online retail business with a $6 million bid, improving on a starting offer by $2 million.

Stein Mart filed notice of the winning bid Thursday with the U.S. Bankruptcy Court for the Middle District of Florida. The Jacksonville, Fla.-based discount retailer named ZG Apparel Group LLC as the backup bidder, with an offer of $5.9 million.

Retail Ecommerce Ventures submitted the winning bid through an entity called Stein Mart Online Inc., which set the ground floor offer of $4 million ahead of the company’s Nov....

To read the full article log in. To learn more about a subscription click here.