Radioshack Files Bankruptcy, Three Rockford Area Stores to Close
On Thursday, RadioShack filed for bankruptcy. The once popular electronics store announced that it entered into an agreement with hedge fund Standard General for the company to purchase up to 2,400 of its stores. However, to facilitate this sale, the company has filed for Chapter 11 bankruptcy protection.
The company plans to close at least 1,784 stores by March 31, with the closures will come in three trances (or waves).
The first round of closures will include 162 stores and is scheduled to be completed by February 17. The second round will be 986 stores that are set to close by February 28. The third wave will include 636 stores. These locations will close by March 31.
Business Insider reports that Radiohack released the following statement on Thursday:
RadioShack currently has approximately 4,000 company owned stores in the U.S. Its more than 1,000 dealer franchise stores in 25 countries, the stores operated by its Mexican subsidiary, and its Asia operations are not included in the Chapter 11 filing or the agreements announced today.
Discussions are underway with interested parties to sell all of the company's remaining assets.
Joe Magnacca, RadioShack's chief executive officer, said, "These steps are the culmination of a thorough process intended to drive maximum value for our stakeholders
Here are the Rockford Area RadioShack Closures:
- 1550 W Lane Rd Machesney Park by Feb 17th
- 6610 E State Street will close by by February 28th
- 3818 E Riverside, Rockford will close by March 31st
For those stores that remain open, Sprint said it will occupy about one-third of the space in RadioShack locations in which it operates a "store within a store," with Sprint employees selling mobile devices and plans.