RadioShack closed more than 1,000 stores since Memorial Day weekend. That was less than a week ago. As of Thursday, June 1, there are only 70 stores left open. Before the stores were closed, the Electronics retailer held a big liquidation sale to get rid of many items. There were many items on sale, including some store fixtures. To clear the store of more items, $5 grab bags were offered. The 1,000 stores that closed do not include about 522 dealer-owned stores that remain open across the United States.
7,300 stores
Last March, Radioshack's parent company, General Wireless Operations filed for bankruptcy protection and proposed closing only 200 RadioShack stores.
However, there were many more than the 200 stores that closed. That was the second bankruptcy for the retailer in just two years. The remaining company-owned stores include only seven states, mostly in the Pennsylvania and New York area as well as Texas, which is the store's headquarters. People in other states have noticed that their local RadioShack has closed.
When things were better for RadioShack, there were 7,300 stores nationwide. There were so many stores that one was within three miles of every household, according to RadioShack officials. The store was convenient for shoppers to run in and pick up electronics that they needed quickly, including things like batteries, cables, and television antennas.
Executives said the store has been losing sales because today many people shop online for items they used to purchase from their local store. RadioShack authorized dealers might also be in trouble because they have a big inventory of RadioShack's products. Online shopping is the way most people shop these days. Not only was RadioShack competing with big box stores, but it was also competing with online stores like Amazon that has almost every product a shopper needs.
First bankruptcy
RadioShack's first Chapter 11 bankruptcy was in February 2015. About 2,400 of its United States stores were included. General Wireless thought it would help by setting up Sprint stores in 1,750 RadioShacks. That way customers could go in and purchase Sprint's smartphones and other services.
Customers hate to see the almost one-hundred-year-old company coming to an end because it has been an icon in some cities since 1921. It was once the leading store for electronics and other items, but now the end has come for most of the stores.
