Omni Retail Enterprises has acquired the Pier 1, Stein Mart, Dress Barn, Models, Linens-N-Things banners, as well as Bodybuilding.com, Franklin Mint and Ralph & Russo from Retail E-commerce Ventures, establishing a portfolio of digital operations that also includes Mentorbox.com.
Omni is a new company by a group of investors that previously backed Retail E-commerce Ventures (REV), which previously owned the properties acquired by Omni. REV no longer has a functioning website and, according to knowledgeable source, has ceased operations. REV built its portfolio by purchasing key assets of distressed companies such as Stein Mart. The company won an auction for Stein Mart intellectual property in 2020, for example.
In September 2022, Tuesday Morning Corp. announced that it had entered into a strategic transaction to secure $35 million in convertible debt financing, including a $32 million investment from a special purpose vehicle formed by Ayon Capital, LLC and Retail E-commerce Ventures. In February 2023, Tuesday Morning announced it was filing for Chapter 11 bankruptcy protection, determining in May to liquidate. Hilco Merchant Resources acquired Tuesday Morning to liquidate its assets. However, it retained the intellectual property that it had put off for bids on May 24 of last year. The website continues to conduct business, but its ownership was not confirmed by press time.
Omni operates a lifestyle portfolio of digital storefronts and communities, including home decor, apparel, health and wellness products, and fitness and educational programs, as the company characterized its newly expanded operation. The company describes its goal as supporting consumers through various life stages by providing products and services to millions of consumers around the globe.
“At Omni, we strive for versatility and excellence,” said Raj Gupta, executive chair of Omni Retail Enterprises, in announcing the acquisitions. “From product curation and cutting-edge technology to award-winning customer service and engaging content, we plan to provide customers and users with an unforgettable experience. We look forward to embarking on this new and exciting venture and connecting with millions of passionate customers along the way.”
