Retail Ecommerce Ventures (REV) acquires RadioShack brands
Retail Ecommerce Ventures (REV) has acquired certain iconic RadioShack brands and related assets.
“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,” says Alex Mehr, CEO of REV.
Tai Lopez, Executive Chairman of REV, adds: “We were impressed with both the strong existing sales and sales potential of the Radioshack.com and related websites across the globe, including the US, Canada, India, Australia, Europe and China. 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 readily saw the strength of REV’s proven success stories at Pier 1 Imports and Dressbarn and the continuing progress in other ongoing REV projects, including Modell’s Sporting Goods, Franklin Mint and Linens N Things. Coupled with the potential of REV’s vision for the new RadioShack, the former owners elected to retain a minority stake, to share in the success of the new RadioShack.
“I believe in REV’s vision, leadership, and the success they have shown in bringing iconic brands back to life,” says 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 recognise the retail sector’s shift to ecommerce, which has accelerated as a result of the pandemic, and to capitalise on the opportunity to breathe new life into well known and loved brands.”
Radio Shack was started in Boston in 1921 by two brothers, Theodore and Milton Deutschmann, to provide equipment for amateur ham radio operators. Just in time for its 100th anniversary, REV will soon relaunch an exciting, modern RadioShack website (RadioShack.com), that will also support the existing stores carrying RadioShack products.