Radio Shack Closures to Hit San Angelo

The 2,489-square-foot Sunset Mall Radio Shack location will soon be a casualty of the company's financial woes, the corporate website said. In March of last year, it was announced “The Shack” would shutter some of its stores in an effort to avoid closing all of its doors nationwide. Since then, 175 unproductive stores have closed. In September, it was reported that they were preparing to file for bankruptcy protection, and in October they received a leg up from an investment group. Unfortunately, efforts to save their sinking ship have turned Titanic. 

Radio Shack was established in 1921 as a mail-order retailer that catered to radio operators and maritime communication officers. Since its humble beginning almost a century ago, a Radio Shack has popped up at about 5,200 locations across the US. It’s guesstimated that any American can jump in the car and drive 15 minutes to the nearest reliable electronics store. San Angelo has two locations, one in the mall and one on Sherwood Way.

The company stock has been suspended from the New York Stock Exchange list as of Monday last week. The Boston-founded chain failed to submit a business plan to address why its average market capitalization has fallen to less than $50 million for 30 consecutive trading days, an oversight that possibly could have bought the company time to manage the fallout in their current financial crisis.

In 2009 as Circuit City bit the dust, Radio Shack leapt at the chance to revamp its outdated skin, stocking its shelves with more modern accessories.  Last year the electronics retailer even poked fun at itself in a nostalgic Super Bowl ad that featured '80s legends such as Alf and Mary Lou Retton. Despite creative attempts, the company’s effort has proven futile.

Rumors of a buyout from Sprint swirl; both companies are remaining tight lipped on the issue however, as nothing is being released from the Fort Worth-based home office at this time. Although, it can be confirmed that the weathered electronics chain will be closing about 200 more stores by the end of this year.

It was reported in the Dallas Morning News yesterday that 143 Texas stores will be closed. Customers will have until March 6 to redeem gift certificates, and 30-day warranties will still be honored through Assurant Warranty by calling 1-800-433-5502.  The store closure list includes one of San Angelo's locations in the Sunset Mall.