The RadioShack corporation filed for Chapter 11 bankruptcy on Feb. 5 and immediately posted a lists of stores it plans to close. The only casualty was the corporate-owned store on Duval Street, located in the 400 block near the Crowne Plaza La Concha.
In all, the consumer electronics retailer has said it will sell about half of its 4,000 stores across the country to the hedge fund Standard General, its biggest creditor. The bankruptcy agreement calls for Standard General to partner with Sprint and create a “store within a store” retail mode at approximately 1,700 locations. In the meantime, that means some pretty good fire sales at the 162 stores set to close by Feb. 17, the 986 stores to close by Feb. 28 and the 636 locations to shutter by March 31.
A RadioShack employee at the Marathon location declined to speak to The Weekly, citing corporate policy. The owner and operator of the RadioShack franchise on Big Pine Key, Kevin Gerard, was able to speak more freely.
“Regardless of what the corporation does, were are here to stay,” Gerard said, adding that he opened the franchise eight years ago after running a RadioShack in Key West for 12 years. Gerard said he feels confident that the RadioShack on Big Pine will continue to thrive.
“We have in-store computer repair service, which is unique, and also do in-store smartphone repairs. Plus, we carry marine and car stereo systems and electronics that other RadioShack stores do not carry,” he said. According to twice.com, there are 1,100 franchise-owned RadioShack stores operating globally, most in the United States.
Corporate headquarters sent out a letter last week that reached Keys stores about the time the news broke on national media.
• Tradewinds Shopping Plaza
101491 Overseas Hwy No. 4-5
Key Largo, FL 33037
• Bealls Outlet Shopping Plaza
11060 Overseas Hwy.
Marathon, FL 33050
• Winn-Dixie Shopping Plaza
255 Key Deer Boulevard
Big Pine Key, FL 33043
• Key Plaza Shopping Center
1104 Key Plaza
Key West, FL 33040