It may be over for RadioShack, the twice bankrupt electronics retailer. Anyone who thought the company might keep many stores open was proven wrong by a recent tweet from the company:
RadioShack once had over 7,000 locations and was a predecessor of Best Buy Co. Inc. (NYSE: BBY), dozens of smaller electronics stores and the online consumer electronics business. However, it mostly sold low-priced electronics and components, and it was viewed by many as a hobbyist retailer. Eventually it began to sell Sprint Corp. (NYSE: S) subscriptions and phones, but the decision came too late.
RadioShack currently offers 60% clearance prices as a means to sell out inventory.
RadioShack has made no announcement about whether it eventually will liquidate all its inventory and close all its locations. One hint, however, about its fate was a press release from the company given out over Memorial Day:
This Memorial Day Weekend, we will be closing over 1,000 stores, leaving less than 70 corporate and 500 RadioShack dealer stores around the country. With 96 years of history, go say goodbye to the RadioShack in your neighborhood. This weekend you still have an opportunity to come visit your nearby store for your electronic needs at great liquidation sale prices, before we close the doors for good.
It certainly has all the hallmarks of goodbye. In an industry where company after company has shrunken, RadioShack appears ready to shrink to nothing.