Thursday, June 15, 2017

RadioShack Closes in Newport Plaza

FTM file. 
RadioShack at The Newport Plaza had a long run, but on May 31 of this year, the company closed permanently.

Jaimie Niemczura, Real Estate Manager for American Diversified Development which owns the Newport Plaza, said the oldest lease she has for the company in that location is dated back to 1967.

“They would have opened sometime after that," she said.

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RadioShack, which filed for bankruptcy for the second time in March, closed 552 of its stores then, which affected 36% of the chain's stores. Over Memorial Day, they closed close to 1,000 more.

Niemczura said that the closure of Newport’s location was part of the fourth tier of possible closures for the electronics retailer.

“We were one of the last to go,” she said.

A court filing in March listed the locations that were set to close, which were the "lowest sales velocity and highest rent," according to the court filing. Newport’s location held on for a few more months.

RadioShack will continue to operate 70 brick-and-mortar stores across the U.S. as the retailer migrates most of its sales operations to its website, RadioShack said in a news release Friday. This round of closures does not affect the company’s 500 “dealers” — or franchisee-run stores.

The specialty chain has struggled as shoppers have increasingly purchased electronics from online retailers like Amazon and big-box stores like Best Buy.

In March they closed five Kentucky locations and four in Cincinnati:

FTM file. 

Kentucky:

210 Brenwood Drive, Berea
Shoppes Of Murray 600 12th Ave
North Park Shopping Center, 524 W New Circle Rd, Lexington
Eastland Shopping Center, 1301 Winchester Rd, Lexington
Preston Highway, 796 Eastern Parkway, Louisville

2 comments:

  1. But how will I test my tubes?

    ReplyDelete
  2. Guess I will have to go over to Tosche Station to pick up some power converters.

    ReplyDelete