The Fort Payne RadioShack store will close as part of the company’s bankruptcy plans.
The long-struggling consumer electronics chain filed for bankruptcy protection Thursday. Part of its plan is for Sprint, the No. 3 U.S. wireless carrier, to open mini-shops in as many as 1,750 of RadioShack’s remaining stores.
However, a list issued Friday indicated the Fort Payne store, at 1906 Glenn Blvd. SW, Suite 200, will not be part of those plans.
“These steps are the culmination of a thorough process intended to drive maximum value for our stakeholders,” said Joe Magnacca, RadioShack’s CEO, in a statement.
The Fort Worth, Texas-based company was founded nearly a century ago. To get out of bankruptcy, it is selling 1,500 to 2,400 of its stores to its largest shareholder, investment firm Standard General. That company has a deal for Sprint to open mini-shops in the stores that remain open.
RadioShack also announced plans to close stores in Bessemer, Birmingham, Calera, Cullman, Jasper, Leeds, Huntsville, Mobile, Montgomery, Prattville, Saraland and Scottsboro.
RadioShack, which was founded in Boston in 1921, started as a distributor of mail-order ship radios, ham radios and parts. In the 1950s, it entered the high-fidelity business, touting a device called the “Audio Comparator,” a then-novel switching system that allowed the customer to mix and match components and speakers in the listening room.
In 1977, the chain started selling the TRS-80, known affectionately by its users as the “Trash 80,” making the RadioShack as important in microcomputers as IBM or Apple.