Here’s a name you probably haven’t heard in a while.
A pair of serial entrepreneurs has acquired the intellectual property and ecommerce rights to RadioShack, the 99-year old electronics retailer.
Founded in 1921, RadioShack was once a go-to-shop for tech gizmos and gadgets.
After the meteoric rise of Best Buy and Amazon, RadioShack slogged through Chapter 22, or two Chapter 11 filings in quick succession (known as a double-whammy in bankruptcy attorney parlance).
RadioShack is now a ghost of its former self, but still has a network of 400 independently-owned stores and an online presence.
Alex Mehr and Tai Lopez of Miami-based “Retail Ecommerce Ventures” announced the acquisition of RadioShack’s brand and online operations in the U.S., Europe, and a slew of other countries:
- Mehr and Lopez plan to relaunch RadioShack’s website as an electronics marketplace ahead of the company’s 100th anniversary next year.
- REV additionally picked up the Shack’s patents, private label products, and even its slogan: “You’ve Got Questions, We’ve Got Answers.” Perhaps they’ll actually have profitable answers this time.
In the press release, Mehr said, “The RadioShack brands have resonated with consumers for nearly 100 years, and we are confident RadioShack’s relaunch as a cutting-edge ecommerce company will amplify the awareness of this iconic brand internationally.”
Not Horsing Around
Amid the scorched earth of the retail landscape, Retail Ecommerce Ventures has been on the hunt for distressed retail assets that can be flipped into successful online businesses.
REV has scooped up the intellectual property assets of Pier 1, Dressbarn, Modell’s Sporting Goods, and is currently the stalking horse bidder for Stein Mart’s IP.
And the strategy seems to be working. Dressbarn’s revenue has soared 165% quarter-over-quarter since the re-launch.
There’s been no shortage of choices for REV among the 2020 retail bankruptcies.