Retail Ecommerce Ventures, led by digital entrepreneurs Dr. Alex Mehr and Tai Lopez, has acquired the intellectual property and other assets related to its e-commerce business, for $3.7 million.
Retail Ecommerce Ventures had signed an agreement to serve as the “stalking horse” bidder at a purchase price of $1.97 million. Retail Ecommerce Ventures acquired the IP assets of Dress Barn last November and Pier 1 Imports in June. The Modell’s acquisition has to be approved by the bankruptcy court, according to NBC News.
“Sporting goods is a ginormous market,” Mehr told NBC News. “If you look at people who aren’t into sports, they know of Modell’s — it’s well-respected and an old brand. It’s something people have grown up with.”