RadioShack Bankruptcy Makes It to Indianapolis
Posted: Sunday, March 19th, 2017 at 9:04 pm
The remaining four RadioShack’s stores in Indianapolis are scheduled to shut down as the bankruptcy continues for this retailer who has been in business over 90 years.
In court documents, General Wireless, RadioShack’s parent company stated its most recent plan of closures. General Wireless filed for Chapter 11 Bankruptcy in March with the U.S. Bankruptcy court in Delaware.
The filing documents state 187 stores will be closing immediately while the first week of April expects to see 365 stores closed.
On the list of closures was the city of Indiapolis’s 4 stores and seven other stores in the state of Indiana.
Clearance sales were launched at the four Indianapolis stores before closing, however the store locator for the website indicated the Sprint locations would remain open.
Surrounding Indianapolis area stores that have steered clear of the closure list so far are in Brownsburg, Mooresville, Franklin, Lebanon and Anderson.
Stores located in Schererville, Seymour, Bloomington, Lafayette, Auburn, Frankfort and Plymouth are scheduled to be closed.
Sprint Corporation and former RadioShack owners formed General Wireless. They hope was to restore the once great consumer electronics chain. The partnership was formed to help revive the RadioShack name after the Bankruptcy of 2015.
Sprint Stores among others store are franchised by the company within the RadioShack locations.
Two years ago when RadioShack initially filed for bankruptcy, they closed 2,000 stores which was about half of their locations. Standard General LP teamed up with Sprint from General Wireless and RadioShack sold them 1,700 stores.
The creation of 1,400 mini stores and franchising units were due to the deal.
Initially the company stated they would close 200 store or so immediately and examine alternative options on the 1,300 stores that remained. However, last week the company increased the number of closures to 552, which is 36 percent of their stores.
The stores being liquidated have the “lowest sales velocity and highest rent,” according to the Company.
According to the company the fate of the remaining stores is still being assessed.
When the bankruptcy was filed, Sprint said they planned to transform “several hundred” RadioShack stores into corporate-owned Sprint locations.
Before the 2015 bankruptcy RadioShack managed about 45 stores in the state of Indiana, which included about 25 more in the central Indiana area.
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