A diminished RadioShack will live on, but its future may lie with Sprint.
Struggling consumer electronics chain RadioShack, founded nearly a century ago, filed for Chapter 11 bankruptcy protection late Thursday. It plans to sell 1,500 to 2,400 stores to its largest shareholder, investment firm Standard General, and has filed a motion to proceed with closing the remainder of its 4,000 U.S. stores.
More than 20 stores that could close are in Washington.
Here’s a list of the stores:
- 100 SE Bellevue Way in Bellevue
- 405 Columbia CTR in Kennewick
- 6607 E Mill Plain Blvd in Vancouver
- Vancouver Mall, 8700 Vancouver Mall Dr 255 in Vancouver
- 3915 Bridgeport Way W #1 in University Place
- Northpoint Plaza, 9656 N Newport Hwy #5A in Spokane
- Capitol Mall Ste 326, 625 Black Lake Blvd SW in Olympia
- 4320 196TH ST SW # C in Lynnwood
- Suite 365, 1402 SE Everett Mall Way in Everett
- Bonney Lake Village SC, 21231 HWY 410 E in Bonney Lake
- South Hill Mall, 3500 Meridian St S #140 in Puyallup
- Hawk's Prairie Village, 1401 Marvin Rd NE Ste 102 in Lacey
- Northtown Mall, 4750 N Division #1009 in Spokane
- 4502 S Steele St #501A in Tacoma
- Ross Plaza Shpg Ctr, 32041 Pacific HWY S in Federal Way
- Meridian Ctr Shpg Ctr, 16116 Meridian East #L in Puyallup
- Fred Meyer Shop Ctr, 5312 Littlerock Road SW 101 in Tumwater
- 701 Sleater Kny Rd SE #3 in Lacey
- 4808 E Sprague Ave #204 in Spokane
- 532 Rainier Ave S in Renton
- Lake City Shopping Center, 3048 NE 127th in Seattle
- University Village, 4610 25TH AVE NE in Seattle
- 10315 Silverdale Way NW, PO BOX 3081 in Silverdale
- 212 5TH ST # 14 in Wenatchee
- Valley Mall, 2529 Main St Ste 179 in Union Gap
For the entire list, click here.
Wireless carrier Sprint Corp. has a deal with Standard General to open mini-shops in as many as 1,750 of the RadioShack stores Standard General is buying. Sprint would take up about one-third of the retail space in each RadioShack store, and Sprint employees would sell mobile devices and Sprint plans.
And Sprint would be the primary brand on those RadioShack storefronts and marketing materials.
Sprint, which is based in Overland Park, Kansas, has more than 1,100 company-owned retail stores, which would more than double if the transaction is approved. It is expected to be finalized in the coming months. But other parties could bid for RadioShack's stores in the bankruptcy process.
Fort Worth, Texas-based RadioShack is also in talks about selling all of its remaining overseas assets.
RadioShack Corp. introduced one of the first mass-market personal computers and used to be the go-to stop for consumers' home electronics needs. But it struggled as shoppers increasingly moved online and growth in its wireless business slowed. It has suffered years of losses.
The New York Stock Exchange suspended trading of its shares on Monday and sought to delist it. The NYSE requires companies meet certain market-value thresholds to remain on the exchange.
RadioShack had warned of a possible bankruptcy in September, but received rescue financing that kept it afloat. Still, its CEO recently cautioned the chain might not be able to find a long-term plan to stay in business.
RadioShack worked hard on its turnaround efforts, hiring Walgreen Co. executive Joe Magnacca as its CEO and former Treasury Department adviser Harry J. Wilson as chief revitalization officer. It also developed relationships with popular brands like Beats Audio and redesigned almost half of its U.S. locations — some 2,000 stores — in an effort to entice younger shoppers.
The company, which has not turned a profit since 2011, employs about 27,500 people worldwide, according to its last annual report filed with the U.S. Securities and Exchange Commission.
It is seeking court approval to keep paying employees, honor customer programs and keep operating as it restructures.
RadioShack said Thursday that it also has more than 1,000 dealer franchise stores in 25 countries, stores operated by its Mexican subsidiary, and operations in Asia operations, which are not included in the Chapter 11 filing. It wants to sell them.
RadioShack, which was founded in Boston in 1921, started as a distributor of mail-order ship radios, ham radios and parts. In the 1950s, it entered the high-fidelity business, touting a device called the "Audio Comparator," a then-novel switching system that allowed the customer to mix and match components and speakers in the listening room.
In 1977, the chain started selling the TRS-80, known affectionately by its users as the "Trash 80," making the RadioShack as important in microcomputers as IBM or Apple.
KIRO 7 contributed to this story.
KIRO
