The Wantagh Radio Shack store will soon shut its doors, along with 184 others nationwide, representatives from the electronics retail chain announced this month.
Radio Shack first filed for Chapter 11 bankruptcy in Delaware federal district court in February 2015, reporting debts of $1,387,000,000 and assets of $1,200,300,000, according to court documents. Being purchased by General Operations, Inc. and a partnership with Sprint wireless in many stores apparently was not enough to help the retailer’s situation.
On March 8, bankruptcy was declared a second time.
“For nearly 100 years, Radio Shack has proudly served local communities across the United States, offering consumers unique, high-quality products at a great value,” said Dene Rogers, president and chief executive officer.
Rogers went on to say that after their first bankruptcy, Radio Shack “made progress” in achieving profitability and reduced operating expenses by 23 percent, while increasing gross profits by 8 percent, but for a variety of reasons, including poor mobility sales in recent months, bankruptcy was the company’s best option.
“We will continue to work with our advisors and stakeholders to preserve as many jobs as possible while maximizing value for our creditors,” he added.
On their website, Radio Shack indicated that stores would continue to operate for the time being, but products sold on or after March 2 would be sold “as is.” There will be no further warranties sold on products.
The local RadioS hack is situated near the intersection of Sunrise Highway and Wantagh Avenue.