Stein Mart was a cherished destination for shoppers in the Southeast, Texas, and California for over 100 years. Through its omni-channel offerings Stein Mart and SteinMart.com are known for their designer and private label fashion apparel, home décor, accessories, and shoes at everyday discount prices. As of January 2020, the Company operated 283 stores across 30 states in the U.S. and the growing ecommerce platform at SteinMart.com.
Stein Mart filed for bankruptcy in the Southern District of Florida in August, 2020, and announced the liquidation of substantially all of its assets. The company hired Hilco Streambank to market its intellectual property assets, including the Stein Mart nameplate and treasured private label brands, domain names, customer data and social media assets.
Hilco Streambank initially sought indications of interest to serve as a stalking horse bidder, and assisted the company in negotiating a stalking horse agreement with Stein Mart Online, Inc. for $4,001,800. Following the signing of the stalking horse agreement, we continued to market the assets. Throughout the process, Hilco Streambank worked closely with the company and its consultation parties, as well as the Court-appointed consumer privacy ombudsman who made recommendations to the Court with respect to the transfer of personally identifiable information.
Ultimately, the company received qualified bids from 3 bidders, including the stalking horse bidder. After 18 rounds of bidding at auction, the company declared the high bid of Stein Mart Online, Inc. to be the successful bid, reflecting a purchase price of approximately $5.9 million. The transaction closed in November, 2020.