Pier 1 Owner Buys Bankrupt Stein Mart For $6 Million, To Relaunch Brand Online Next Year

The company that has given Pier 1 Imports, Dressbarn and Modell’s Sporting Goods a second chance at life online is adding another embattled retailer to its empire: Stein Mart. Miami-based Retail Ecommerce Ventures has emerged as the winner of a bankruptcy court auction for the intellectual property of Stein Mart, the company announced Wednesday. It will pay $6.02 million for the Stein Mart nameplate, as well as its private-label brands, domain names, social media assets and other customer data. Jacksonville, Florida-based Stein Mart filed for Chapter 11 bankruptcy protection in August, but ultimately closed all of its 281 stores. Read more at CNBC.