Ithaca, N.Y. — The RadioShack in the Shops of Ithaca Mall is not one of the more than 1,700 RadioShack stores that are set to close at the end of March, according to Joe Howe, sales associate.
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RadioShack filed for bankruptcy last week, according to BusinessInsider. The company expects to close 1,784 storefronts by March 31.
Reports Business Insider:
As part of proceedings, the company is going to close a number of its stores, while others will survive as part of an agreement with Sprint to create a “store within a store.”
In court documents posted by RadioShack, the company and its creditors detailed plans about which RadioShack stores will close and when.
The closures won’t hit the RadioShack in the Ithaca mall, however, in part because that one is unusually successful at providing repairs for gadgets, according to Howe, the sales associate.
“We’re one of the ones that make a profit,” Howe says.
Staff at the RadioShack say that while they will remain open, it’s not clear in what form — either as a RadioShack or under some other, new name.
Here’s some more background on the troubles facing RadioShack, courtesy of CNN Money:
“In March, the company said it would close as many as 1,100 of its more than 4,000 shops, but its lenders limited the closures to just 200 stores. RadioShack (RSH) will focus instead of remodeling some of its existing properties and rebranding.
Shares tumbled over 10% after the company reported a quarterly loss that was twice as bad as Wall Street expected.
The stock is down more than 45% this year and has lost 90% of its value over the last five years. At roughly $1.38 per share, it’s tinkering in penny stock territory.
