Look who is joining former Fort Worth home furnishing retailer Pier 1 Imports at e-commerce-focused business, Retail Ecommerce Ventures (REV): Fellow storied Fort Worth retailer RadioShack.
Miami-based REV announced on Nov. 18 announced it has purchased certain iconic RadioShack brands and related assets.
“I believe in REV’s vision, leadership, and the success they have shown in bringing iconic brands back to life,” said 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 recognize the retail sector’s shift to ecommerce, which has accelerated as a result of the pandemic, and to capitalize 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, eventually moved to Fort Worth and at one time had more than 4,000 locations in North America, before declining earlier this century and filing for bankruptcy twice.
In time for its 100th anniversary, REV will soon relaunch a new modern RadioShack website (RadioShack.com), that will also support the existing stores carrying RadioShack products.
RadioShack’s new owners see more life in the storied brand. “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,” said Alex Mehr, CEO of REV.
Tai Lopez, Executive Chairman of REV added, “We were impressed with both the strong existing sales and sales potential of the Radioshack.com and related websites across the globe, including the U.S., 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.
On Oct. 29 officially relaunched Pier1.com, the new customer-centric online store for home furnishings and accessories retailer Pier 1 Imports.
The 58-year-old brand closed its brick-and-mortar locations earlier in 2020 as part of its bankruptcy plan, but millions of people know the brand that has long been headquartered in Fort Worth.
This past June, REV purchase rights to Pier 1’s trademark name, intellectual property, data and various ecommerce-related assets for $31 million.
Founded in 2019 by Mehr and Lopez, who have backgrounds in digital marketing, REV has acquired, the intellectual property of a variety of brands, including Modell’s Sporting Goods, Dressbarn, Franklin Mint and Linens N Things.
REV said it is responsible for brands and products that have generated more than $1 billion in sales, including a $258 million exit for Mehr’s Zoosk. The two have set their sights on acquiring distressed retail brands with a strong brand presence, such as Pier 1 and RadioShack.
https://www.retailecommerceventures.com/