RadioShack to shut 175 California stores; see where they are
RadioShack Corp., which filed for Chapter 11 bankruptcy protection Thursday, said 175 of its California stores were slated for closure.
Many Southland stores are on the chopping block, including several dozen in Los Angeles and surrounding cities. RadioShack has about 4,000 stores in the U.S.
The troubled electronics chain said it had agreed to sell 1,500 to 2,400 locations to General Wireless, an affiliate of the hedge fund Standard General.
Standard General helped extend a loan to RadioShack last year in an attempt to avert bankruptcy. Sprint will now set up a “store within a store” presence in up to 1,750 of the stores that General Wireless buys, RadioShack said.
RadioShack said the bankruptcy filings do not affect its shops in Asia, locations run by a Mexican subsidiary or the more than 1,800 franchise stores in 25 countries.
In its most recent earnings report, covering the 13 weeks that ended Nov. 1, RadioShack posted a net loss of $161.1 million. The last time it posted a profit was in 2011.
RadioShack has suffered along with other traditional brick-and-mortar retailers such as Best Buy as shoppers increasingly turn to buying gadgets online. The decline in CD and DVD sales has also taken a bite out of its bottom line.
Follow Shan Li on Twitter @ByShanLi
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