Retail Ecommerce Ventures (REV) has added a new brand to its collection by acquiring certain assets of Modell’s Sporting Goods for $3.64 million, with the intention of making the brand exclusively digital. The purchase includes Modell’s trademark name, intellectual property, e-Commerce database and other assets related to its e-Commerce business, including the signature “Gotta Go to Mo’s” jingle.
The Modell’s web site, which broadcasts going-out-of-business sales as all stores are liquidated, is not yet accepting online orders. Before declaring bankruptcy in March, days before COVID-19 stay-at-home orders went into effect, Modell’s operated 141 stores in the Northeast and Mid-Atlantic states.
Modell’s joins a portfolio of brands within REV that had failed in their previous iterations as omnichannel or direct-to-consumer retailers. In July, the company acquired three brands — Pier 1 Imports, Linens ‘n Things and The Franklin Mint. Digital entrepreneurs Alex Mehr and Tai Lopez founded REV in 2019 to purchase the Dressbarn brand.
On August 17, Lopez told CNBC’s Squawk Box that although the company is currently involved only in e-Commerce, “we see an opportunity to open back up brick-and-mortar stores” in the long term.