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Local RadioShack To Remain Open After Bankruptcy Filing

Two local RadioShack stores will remain open after  the electronics retailer filed for its second bankruptcy in two years and announced it will close 187 more stores this month, about 9% of its 1,943 locations.
According to a press release, locations on Highway 27 south in Carrollton and Hwy 61 in Villa Rica will remain open.
The chain, based in Fort Worth, Texas, previously filed for bankruptcy in 2015, resulting in about 2,400 store closings. Subsequently, General Wireless, a joint venture of hedge fund Standard General and Sprint, acquired it and has run 1,518 stores.
In a Chapter 11 reorganization petition filed last week in the U.S Bankruptcy Court in Delaware, General Wireless stated it planned to close 187 stores this month, which the process already underway. In addition, the chain says it is closing the RadioShack portion of the 360 stores that it shares with Sprint, and evaluating whether to do the same in 971 other shared stores.
About 1,850 of RadioShack's 5,900 employees are expected to be affected by the moves.
Sprint paid General Wireless a $12 million "wind down payment," and in return was transferred the leases for 115 stores, as well as equipment and furniture in 245 more stores where Sprint is the primary tenant.
The RadioShack stores that do not close March 13 will remain open and the company will continue evaluating options on them during the bankruptcy process. Also open: RadioShack.com, which promoted a clearance sale on its home page.
The first Radio Shack store opened in Boston in 1921, selling ham radios and other radio equipment.
 
Filed Under :
Topics : Business_Finance
Location : BostonDelawareFort WorthTexas