RADIO SHACK BANKRUPTCY IMPACTS GEORGIA STORES
On February 5, 2015, the 94 year old retail company, Radio Shack, filed a Chapter 11 bankruptcy case in United States Bankruptcy Court in Delaware. Many financial analysts were shocked that Radio Shack had survived this long. Radio Shack proudly battled the big box retailers such as, Best Buy and HH Gregg, for years. At the time of the bankruptcy filing, it was reported that Radio Shack’s bankruptcy included between 50,000 and 100,000 creditors.
While Radio Shack issued a press release that Standard General would acquire approximately 2,400 company stores, and Standard General and Sprint, together, would purchase approximately, 1,750 stores, the news is still not good for many stores across the country. Radio Shack has released a list of 1,784 stores the company expects to close over the new few weeks. Fox Business is reporting the stores to be closed will be offering discounts up to 50% off merchandise.
Approximately 52 Radio Shack stores in Georgia made the list of stores that are expected to be closed by Radio Shack. While most of the store closures in Georgia are in the Atlanta area, the Radio Shack located in Augusta Mall on Wrightsboro Road was placed on the potential store closing list. A complete list of potential store closings can be found at www.radioshackcorporation.com.