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An investment company has bought the RadioShack brand in a bid to resurrect it as a major e-commerce platform.
Retail Ecommerce Ventures specializes in acquiring once well-known, but struggling brands, such as Pier 1 and DressBarn, and relaunching them as e-commerce focused retailers. On Thursday, the company announced it had acquired RadioShack’s related brands and assets from its previous owner, General Wireless.
“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,” Retail Ecommerce Venture CEO Alex Mehr said in the announcement.
Founded in 1921, RadioShack was once a major electronics vendor in the US, but it faced a steady decline in the 2000s on competition with bigger box retailers and then online shopping from the likes of Amazon. The brand then went through two bankruptcies, closing most of its stores in 2017 to focus primarily on e-commerce. But the effort has so far failed to turn RadioShack.com into a major online shopping destination. The site’s main page currently features portable radios, batteries, and headphones in addition to hand sanitizer gel and handheld thermometers.
However, Retail Ecommerce Ventures says it still sees sales potential in RadioShack, noting the brand also operates in Canada, India, Australia, and Europe. But perhaps more importantly, online shopping has surged during the COVID-19 pandemic, which has caused millions of people to work and study at home. At the same time, demand for affordable laptops and tablets has soared in recent months.
According to Retail Ecommerce Ventures, RadioShack.com will relaunch soon with a more exciting, modern design.
For more, check out Golden Age of TRS-80: A Look Back at RadioShack Computers and The Golden Age of Radio Shack Toys.
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