Hilco Streambank, an 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.
Modell’s Sporting Goods Online, a subsidiary of Retail Ecommerce Ventures, signed an agreement to serve as the stalking horse bidder at a purchase price of $1.965 million. The stalking horse bid is a “floor” bid and is subject to higher or otherwise better offers, which must be submitted on or before Aug. 4, 2020. If such offers are received, an auction will be held on Aug. 6, 2020. The initial minimum qualifying overbid at the auction will be $2.24 million.
The assets available for sale include trademarks, domain names, social media assets, customer and transaction data for approximately 5.6 million customers, and the “Gotta Go to Mo’s” jingle.
Retail Ecommerce Ventures is the holding company of Alex Mehr and Tai Lopez and is a digital business transformation company specializing in transforming brands into more ecommerce-focused entities. Retail Ecommerce Ventures acquired Dressbarn in 2019
“With a strong omnichannel presence, the Modell’s brand generated more than $535 million in sales last year,” Richelle Kalnit, senior vice president for Hilco Streambank, said. “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.
“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.”
Hilco Streambank is an advisory firm specializing in intellectual property disposition and valuation.