FALMOUTH — The Radio Shack store in the Falmouth Shopping Center permanently closed Sunday under a new bankruptcy filing by parent company General Wireless Operations.
Under the bankruptcy plan, Radio Shack will ultimately close 552 of its stores nationwide with the “lowest sales velocity and highest rent,” according to a report on Business Insider.
Radio Shack closed 187 of those stores this week and plans on closing the remaining 365 sometime in the first week of April. The Falmouth store was one of the few left in Maine.
Business Insider said in addition to the local store, Radio Shack is also closing the Biddeford and Sanford locations.
In total, Business Insider said, once the closures are complete, Radio Shack will have 1,000 stores still operating across the country.
General Wireless Operations acquired the Radio Shack brand in April 2015 after the troubled company initially filed for bankruptcy.
On its corporate website, Radio Shack said it’s “currently exploring all available strategic alternatives to maximize value for creditors.”
“For nearly 100 years, Radio Shack has proudly served local communities across the United States, offering consumers unique, high-quality products at a great value,” Dene Rogers, the company’s president and CEO, said in a press release.
“Over the course of the past two years, our talented, dedicated team has worked relentlessly in an effort to revitalize the company and the Radio Shack brand,” Rogers added.
And while over the past two years “(our) team has made progress in stabilizing operations and achieving profitability, we have concluded that the (bankruptcy) process represents the best path forward.”
In Falmouth, sales associate Dylan Brown said the store has been running a clearance sale for the past month or so. On Monday he was cleaning out the retail space in the shopping plaza on U.S. Route 1.
Brown said he was one of only two remaining Falmouth employees and is unsure what he’ll do now.
“I’m waiting on further developments,” he said.
The Radio Shack in Falmouth is now permanently closed under a new bankruptcy filing by its parent company.
A handmade sign on the door of the now-closed Radio Shack in Falmouth.