RadioShack to close Suffolk stores

Published 9:31 pm Monday, February 9, 2015

Both Suffolk RadioShack stores will be among thousands closed after the company filed for bankruptcy, it announced recently.

The approximately 4,000 stores the company operates in the United States will be closed in three waves. The store in the Harbour View Shopping Center will be in the second wave, with the Suffolk Plaza Shopping Center store in the third wave, according to a list on the company’s website.

Both stores still were open Monday, but managers at both declined to comment.

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“I think we had a good indication it would happen at some point,” Suffolk Economic Development Director Kevin Hughes, said Monday, noting he had been keeping up with the news from the company. “We’ll be working with the broker and the property owners to assist them in bringing in new tenants.”

Hughes said he is optimistic both spaces can be filled with good tenants fairly quickly, as both areas benefit from a substantial amount of retail traffic.

“These steps are the culmination of a thorough process intended to drive maximum value for our stakeholders,” Joe Magnacca, RadioShack’s chief executive officer, said in a press release.

General Wireless, an affiliate of Standard General, has agreed to purchase between 1,500 and 2,400 of RadioShack’s U.S. stores and set up a retail presence with Sprint in up to 1,750 of the acquired stores, according to the press release.

As part of the Chapter 11 bankruptcy process, other parties will have an opportunity to submit offers for the company’s assets. Stores that are closing are expected to sell their remaining inventory.

RadioShack made motions in court last week intended to support the continuation of its operations for the time being.