Fortunately is that as of today RadioShack. Should I Pull Out Money From My Radioshack 401K Plan… has officially been purchased by Retail Ecommerce Ventures (REV), providing the struggling company a brand-new lease on life. The drawback, a minimum of for folks like us, is that there are no instant plans to return the renowned electronic devices merchant to its brick-and-mortar roots. As the name indicates, REV focuses on online retail, having actually formerly revamped the Internet existence of other insolvent businesses such as Pier 1 Imports and Dressbarn.
While the press release does not outright preclude the possibility of new physical RadioShack locations, it’s clear that REV thinks the future of retail isn’t to be discovered in your local strip mall. As the US mulls further lockdowns in response to the continuing COVID-19 pandemic, it’s tough to disagree. There will be millions of bored kids and grownups looking for something to do during the long winter season nights, and an electronic set or two delivered to their door might be simply the important things.
REV states they plan to relaunch the rather outdated RadioShack website in the nick of time for the company’s 100th anniversary in 2021. As of this writing the website currently states that sales have actually been temporarily halted to permit inventory restructuring, though it’s uncertain if this is straight related to the buyout or not. Getting an accurate count of how much merchandise the business still has on hand after shuttering the majority of their physical areas in 2017 certainly seems like something the brand-new owners would wish to do.
We all understand how that story ended.
RadioShack’s shambling remains were offered another jolt of life today when they were acquired by another company that plans to relaunch the once-great merchant as an online-focused brand name.
The store’s remains were purchased by Retail Ecommerce Ventures (REV), a startup founded in 2019 that’s been scooping up brand names from other faded retail giants as well, consisting of Pier 1, Modell’s Sporting Item, Dressbarn, and more. REV states RadioShack’s website already has “strong existing sales and sales capacity,” and the company is “confident” it can further raise awareness of the brand name worldwide.
REV declares it’s effectively turned around other business it’s released as online brand names. The Wall Street Journal reported that Dressbarn more than doubled its revenue between the very first and second quarter of 2020.
RadioShack was established in 1921 and ended up being a retail staple in the ’80s and ’90s for anybody looking to grab tech basics. REV didn’t say whether those RadioShack licenses would stick around. Should I Pull Out Money From My Radioshack 401K Plan
REV says it will “soon relaunch” RadioShack’s website. So for those of you still clinging on to fond memories of the store, there’ll be a familiar sufficient location to go when you wish to buy overpriced HDMI cables and knockoff headphones.