Fortunately is that as of today RadioShack. Radioshack Magnet Wire… has officially been bought by Retail Ecommerce Ventures (REV), providing the troubled business a brand-new lease on life. The downside, at least for folks like us, is that there are no immediate strategies to return the renowned electronics merchant to its brick-and-mortar roots. As the name implies, REV concentrates on online retail, having previously revamped the Web existence of other bankrupt services such as Pier 1 Imports and Dressbarn.
While the press release doesn’t straight-out preclude the possibility of new physical RadioShack areas, it’s clear that REV believes the future of retail isn’t to be found in your local strip mall. As the United States mulls even more lockdowns in action to the continuing COVID-19 pandemic, it’s hard to disagree. There will be countless bored kids and adults searching for something to do throughout the long winter season nights, and an electronic package or 2 delivered to their door might be simply the important things.
REV says they plan to relaunch the rather dated RadioShack website just in time for the company’s 100th anniversary in 2021. Since this writing the site presently says that sales have been momentarily halted to allow for stock restructuring, though it’s unclear if this is directly 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 locations in 2017 certainly sounds like something the new owners would wish to do.
Like most of you, we have fond memories of the Golden Age of RadioShack, back prior to they thought selling televisions and phones was somehow an excellent concept. To their credit, they did attempt and rekindle their relationship with hackers and makers by asking the community what they ‘d wish to see in their shops. But all of us understand how that story ended. While it doesn’t appear like this news will get us any closer to having a neighborhood shop that stocks resistors, there’s a particular comfort in understanding that RadioShack kits and books will still be around for the next generation.
RadioShack’s shambling remains were provided another shock of life today when they were purchased by another business that plans to relaunch the once-great merchant as an online-focused brand.
The store’s remains were acquired by Retail Ecommerce Ventures (REV), a startup founded in 2019 that’s been scooping up brands from other faded retail giants as well, consisting of Pier 1, Modell’s Sporting Product, Dressbarn, and more. REV says RadioShack’s site currently has “strong existing sales and sales capacity,” and the business is “confident” it can even more raise awareness of the brand globally.
REV declares it’s effectively turned around other companies it’s introduced as online brand names. The Wall Street Journal reported that Dressbarn more than doubled its earnings between the very first and 2nd quarter of 2020.
RadioShack was founded in 1921 and became a retail staple in the ’80s and ’90s for anybody seeking to get tech basics. For a very long time, that indicated actual radio elements, but wound up including great deals of electronic toys (one Edge editor fondly remembers his Armatron) and eventually phones. Its fortunes decreased greatly as online shopping got here, and the company filed for insolvency twice in the past five years. RadioShack still licenses its name to third-party “authorized” shops and sells top quality products within some locations of HobbyTown, a crafts seller– similar to how you can still discover “Sharper Image” products at Kohl’s despite the fact that that retailer shut its physical doors over a years earlier. REV didn’t say whether those RadioShack licenses would stick around. Radioshack Magnet Wire
REV states it will “quickly relaunch” RadioShack’s website. So for those of you still sticking on to fond memories of the shop, there’ll be a familiar adequate location to go when you want to purchase expensive HDMI cables and knockoff earphones.