RadioShack acquired with plans for online revival
Retail Ecommerce Ventures has acquired yet another iconic — and bankrupt — retail brand.
REV has purchased the RadioShack brands and related assets, including a related website. The company plans to relaunch the electronics retailer with a new, online-only platform that will also support the existing stores carrying RadioShack products.
As part of the deal, whose terms were not disclosed, REV also acquired RadioShack's patents and private label brands, such as Enercell batteries and Powerhorn speakers, along with the retailer’s trademarked slogan "You've Got Questions, We've Got Answers
During the last two years, Retail Ecommerce Ventures has built a diverse group of e-commerce-focused businesses by acquiring the intellectual property assets of Dressbarn, Franklin Mint, Linens 'n Things, Modell's Sporting Goods, Pier I Imports and, most recently, Stein Mart.
RadioShack, which declared bankruptcy in 2017, now operates primarily as an online retailer. It still has a network of about 400 stores owned by independent dealers. It also operates “express” shops in HobbyTown nationwide.
“We were impressed with both the strong existing sales and sales potential of the Radioshack.com and related websites across the globe, including the U.S., Canada, India, Australia, Europe and China,” said Tai Lopez, executive chairman, REV. “Our approach builds off the existing strength of extraordinary brands such as RadioShack and supports our mission of transforming these beloved entities into Internet-first companies.”
The former owners of RadioShack will retain a minority stake in the company.
“I believe in REV’s vision, leadership, and the success they have shown in bringing iconic brands back to life,” said Ron Garriques, one of the former owners of RadioShack, as well as the former president of Motorola’s Personal Communications Sector. “REV was quick to recognize the retail sector’s shift to ecommerce, which has accelerated as a result of the pandemic, and to capitalize on the opportunity to breathe new life into well known and loved brands.”
REV was founded by Alex Mehr and Tai Lopez in 2019 with a goal of reinvigorating distressed iconic retail brands that have struggled to succeed in the age of e-commerce.