Shimmy over to the Shack before it closes!
The 95-year-old electronics chain will close the doors to over 1,700 of its locations—16 of them in Brooklyn, between mid-February and the end of March, of this year.
The RadioShack Corporation, according to a company press release, has reached an “asset purchase agreement” with an affiliate of Standard General – a financial consulting company – to acquire up to 2,400 stores. The company will pursue the sale through a court supervised Chapter 11 Bankruptcy process.
Also according to the RadioShack press release, “discussions are underway with interested parties to sell all of the company’s remaining assets.”
“These steps are the culmination of a thorough process intended to drive maximum value for our stakeholders,” said CEO of RadioShack Joe Magnacca.
Out of the 24 locations in Brooklyn, 16 of them are slated for closure—including the Bay Ridge 86th Street location (455 86th Street), the Sheepshead Bay location (3764 Nostrand Avenue), the 18th Avenue location (6719 18th Avenue), and the other 86th Street location (2041 86th Street).
Among those remaining open at this point in time are the Sunset Park location (5119 Fifth Avenue) and one in Park Slope (528 Fifth Avenue).