RadioShack shuts down more than 1,000 stores across US
US-based consumer electronics retailer RadioShack has closed more than 1,000 stores as it intends to concentrate on its online business.
Founded in Boston in 1921, RadioShack will continue to have an offline presence through 70 corporate and 500 dealer stores around the country.
From 26 May, memorabilia such as unused original TRS-80 Microcomputers, realistic transistor radios, tandy computer software games, original brick cellphones and gold commemorative watches are being put up for online auction.
General Wireless Operations completed a $26.2m purchase of the RadioShack brand in July 2015.
The current decision to shut down stores comes after the retailer filed for protection under Chapter 11 in the United States Bankruptcy Court for the District of Delaware in March.
At that time, the company declared its decision to close around 200 stores, with a further evaluation of options on the remaining 1,300.
RadioShack president and CEO Dene Rogers had then said: “Since emerging from bankruptcy two years ago as a privately owned company, our team has made progress in stabilising operations and achieving profitability in the retail business, while our partner Sprint managed the mobility business.
“In 2016, we reduced operating expenses by 23%, while at the same time saw gross profit dollars increase 8%.
“However, for a number of reasons, most notably the surprisingly poor performance of mobility sales, especially over recent months, we have concluded that the Chapter 11 process represents the best path forward for the company.”
Image: A freestanding RadioShack electronics store in Texarkana, Texas. Photo: courtesy of Freakofnurture via Wikipedia.