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Buyers of Radio Shack, Pier 1 brands accused of running $112M Ponzi scheme (www.cbsnews.com)

submitted 1 day ago by PhilipTheBucket@piefed.social to c/usnews@beehaw.org

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[–] SanctimoniousApe@lemmings.world 0 points 1 day ago* (last edited 1 day ago) (1 children)

REV acquired RadioShack in 2020, three years after the nearly century-old electronics chain filed for its second bankruptcy. RadioShack first filed for Chapter 11 protection in 2015. In 2023, Unicomer Group acquired RadioShack, and in 2024, relaunched it as an e-commerce platform. RadioShack's current owners are not named in the lawsuit.

So Radio Shack was the first store named simply for clickbait as it currently has nothing to do with these guys. Classy, CBS.

[–] PhilipTheBucket@piefed.social 2 points 1 day ago (1 children)

REV was accused of buying a bunch of semi-worthless businesses and then pumping up their value in various ways from 2020 to 2022. During the time of the alleged behavior, they owned Radio Shack, and their ownership of it was involved in the alleged malfeasance it sounds like.

The fact that after all was said and done, they sold it, doesn't really have a lot of bearing on what they were or weren't doing with it years before, when they did own it.

[–] SanctimoniousApe@lemmings.world 1 points 1 day ago (1 children)

I know, but it still seems like a cheap attention-grabbing ploy to me. Probably just me being hypersensitive since I'm sooooooo tired of click-bait headlines.

[–] PhilipTheBucket@piefed.social 2 points 1 day ago (1 children)

Am I taking crazy pills or something?

It's not clickbait. They're accused of defrauding investors about Radio Shack, that's why Radio Shack is in the headline.

[–] SanctimoniousApe@lemmings.world 1 points 1 day ago (1 children)

No, I guess I am. It's well past my bedtime, and I can't sleep so my brain's probably a bit off. Sorry.

[–] PhilipTheBucket@piefed.social 1 points 1 day ago

All good, no worries, I was just confused lol