Most people think RadioShack disappeared long ago. Started in 1921, it had 8,000 stores in the late 1990s that sold gadgets and electronics components for the most part, but then it was overwhelmed by such competitors as Best Buy and Amazon. Ownership of its assets passed through many hands after it went bankrupt in 2015. These landed with Retail Commerce Ventures in 2020. Now, that company may go bankrupt. If there is a liquidation, RadioShack could do another disappearing act. (Click here for the 25 brands customers are abandoning.)
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Retail Commercial Ventures also owns the troubled Pier 1 Imports. According to the New York Post, “A flashy firm that has scooped up a slew of bankrupt retail brands including RadioShack, Pier 1 Imports and Modell’s Sporting Goods, is now in danger of filing for bankruptcy itself.”
The New York Post wrote that Retail Commercial Ventures posted $60 million in losses last year. According to the same source, it has $200 million in debt. The Wall Street Journal also weighed in on the story. It reported the company has hired restructuring lawyers.
The RadioShack story is not unique. It extends to iconic brands like JCPenney, Sears, Kmart and dozens of smaller retailers. This year could be a brutal one for the industry. Major retailers like Walmart and Home Depot have warned that slowing consumer spending will challenge their revenue.
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