Two entrepreneurs who have been collecting fallen retail brands during the coronavirus pandemic are taking over the reins of RadioShack, acquiring the nearly century-old gadget seller’s brands and online business.
Miami-based Retail Ecommerce Ventures LLC, led by Chief Executive Alex Mehr and Executive Chairman Tai Lopez, bought the rights to the RadioShack brand in the U.S., Canada, India, Australia, Europe and China, along with related websites, for an undisclosed price last week.
Even as U.S. retail sales climbed in October at their slowest pace since the spring, online shopping continues to flourish. Consumers are demanding improved residential workspaces and remote-working setups as the pandemic keeps many of them out of the office, opening the door for RadioShack to fulfill their work-at-home electronics needs.
The deal marks REV’s latest purchase of a retail brand since Covid-19 began spreading in the U.S. Earlier this year, the company bought the e-commerce business of Pier 1 Imports Inc. and the trademark assets of Modell’s Sporting Goods out of bankruptcy.
REV also acquired RadioShack’s patents and private label brands, such as Enercell batteries and Powerhorn speakers, as well as the trademarked slogan “You’ve Got Questions, We’ve Got Answers.” The purchase allows REV to expand into the electronics category for the first time.