Tai Lopez, the internet guru who has purchased several nostalgic, failing brands over the past few years, is having to part with many of the companies he bought up under his umbrella corporation, Retail Ecommerce Ventures, LLC.
Brands that have already been sold off include the iconic RadioShack, which briefly had its own cryptocurrency in a bid to attract new, younger customers. The token is down about 99% from its all time high and sees only a few hundred dollars in liquidity on a good day.
Protos previously reported on rumors of Lopez’s possible bankruptcy. While that remains unclear, it is clear that the self-help pundit has fallen on some hard times. At the end of May, Unicomer Group — a Salvadoran financial group that had previously controlled RadioShack intellectual property (IP) across much of Latin America — released a statement announcing its purchase of all RadioShack IP. Shortly thereafter the website placed a “we are renovating” banner at the top.
It isn’t known what was paid for the purchase of the RadioShack IP from Retail Ecommerce Ventures, LLC.
Lopez is famous for a video in which he points to his “new Lamborghini” in “his garage” then goes on to point to a bookshelf, saying, “You know what I like a lot more than materialistic things? Knowledge.”
Most recently, Lopez’s retail clothing outlet Tuesday Morning shuttered 200 stores. The website suggests a “next chapter” and a possible re-opening of physical store locations.
It’s vague as to whether or not more IP and brands have been sold off by Retail Ecommerce Ventures, LLC, but it’s likely the struggling fund will sell off more soon. In the meantime, remember to revisit your least favorite RadioShack cringe tweets — they probably won’t be around much longer.