Half the retailers that file for bankruptcy don’t emerge from it, according to a 2016 study of 30 U.S. retailers by credit rating agency Fitch Ratings Inc. That leaves the court system to oversee the liquidation of any sellable assets, such as intellectual property, customer lists and product inventory.

Investors and retail entrepreneurs are acquiring bankrupt retail assets, and some are resuscitating the brands to live a new life online.

Brad Snyder would know. Snyder, now the executive managing director at Tiger Capital Group LLC, a financial firm that has been involved in the liquidation sale of such companies as Borders Group Inc., RadioShack Corp. and Loehmann’s, was a principal at Gordon Brothers Brands LLC when it acquired the intellectual property—including the email addresses of 5 million customers—of home goods retail chain Linens ‘N Things in 2009 for a reported $1 million. The Linens ‘N Things brand still resonated with customers, Snyder says, despite the closure of all its stores.

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