Fortunately is that since today RadioShack. When Is Radioshack Closing… has actually officially been bought by Retail Ecommerce Ventures (REV), providing the struggling business a new lease on life. The disadvantage, at least for folks like us, is that there are no immediate strategies to return the iconic electronics retailer to its brick-and-mortar roots. As the name indicates, REV specializes in online retail, having previously revamped the Web presence of other insolvent businesses such as Pier 1 Imports and Dressbarn.
While the press release does not straight-out preclude the possibility of brand-new physical RadioShack places, it’s clear that REV believes the future of retail isn’t to be found in your regional strip mall. As the United States mulls further lockdowns in action to the continuing COVID-19 pandemic, it’s tough to disagree. There will be millions of bored kids and adults looking for something to do during the long winter season nights, and an electronic package or 2 delivered to their door might be just the important things.
REV states they prepare to relaunch the rather outdated RadioShack site in the nick of time for the business’s 100th anniversary in 2021. As of this composing the site currently says that sales have actually been temporarily stopped to allow for inventory restructuring, though it’s uncertain if this is directly related to the buyout or not. Getting a precise count of how much product the company still has on hand after shuttering the majority of their physical locations in 2017 certainly seems like something the brand-new owners would want to do.
We all know how that story ended.
RadioShack’s shambling remains were offered another jolt of life today when they were purchased by another business that prepares to relaunch the once-great retailer as an online-focused brand name.
The store’s remains were purchased by Retail Ecommerce Ventures (REV), a start-up founded in 2019 that’s been scooping up brand names from other faded retail giants too, including Pier 1, Modell’s Sporting Item, Dressbarn, and more. REV says RadioShack’s website currently has “strong existing sales and sales potential,” and the business is “positive” it can further raise awareness of the brand globally.
REV declares it’s effectively turned around other business it’s launched as online brand names. The Wall Street Journal reported that Dressbarn more than doubled its earnings in between the second and very first quarter of 2020.
RadioShack was founded in 1921 and ended up being a retail staple in the ’80s and ’90s for anybody seeking to get tech basics. For a long time, that indicated actual radio components, but wound up including great deals of electronic toys (one Edge editor fondly remembers his Armatron) and ultimately phones. Its fortunes decreased greatly as online shopping arrived, and the company declared insolvency twice in the past five years. RadioShack still certifies its name to third-party “licensed” shops and offers branded products within some places of HobbyTown, a crafts merchant– similar to how you can still discover “Sharper Image” products at Kohl’s although that retailer shut its physical doors over a years earlier. REV didn’t say whether those RadioShack licenses would stay. When Is Radioshack Closing
REV states it will “soon relaunch” RadioShack’s site. So for those of you still clinging on to fond memories of the shop, there’ll be a familiar enough place to go when you wish to purchase pricey HDMI cables and knockoff earphones.