RadioShack store in Oak Ridge closing

 

The RadioShack store in Oak Ridge is reported to be closing. There is a “Store Closing” sign posted at the front of the store, and many items have been on sale.

The most current information we have is that the store could close later this month, although we have not been able to confirm that. RadioShack has not returned requests for comment this week.

RadioShack, an electronics convenience store, announced March 8 that it had filed for bankruptcy. At that time, the company said it was closing about 200 stores and evaluating options on the other 1,300.

“The company and its advisors are currently exploring all available strategic alternatives to maximize value for creditors, including the possibility of keeping stores open on an ongoing basis,” a March press release said.

RadioShack had emerged from bankruptcy two years earlier as a private company, the press release said.

“Our team has made progress in stabilizing operations and achieving profitability in the retail business, while our partner Sprint managed the mobility business,”  said Dene Rogers, RadioShack’s president and chief executive officer. “In 2016, we reduced operating expenses by 23 percent, while at the same time saw gross profit dollars increase 8 percent. Over the same time, we integrated FedEx pickup/drop-off into 140 RadioShack locations, delivered to customers over 700,000 Hulu login pins, and sold more than a million RadioShack private brand headphones and speakers delivering high quality, value-based audio products to consumers across the country.

“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. We will continue to work with our advisors and stakeholders to preserve as many jobs as possible while maximizing value for our creditors.”

Founded in 1921, RadioShack is owned today by General Wireless Operations Inc., which acquired the brand in April 2015, according to the March press release.

The new RadioShack has more than 1,500 company-owned stores, including 1,200 Sprint Stores at RadioShack, and 425 independent dealers located nationwide, the press release said.

More information will be added as it becomes available.