Electronics retailer RadioShack recently announced it is filing for Chapter 11 bankruptcy protection and may sell between 1,500 and 2,400 of its US stores.
The Glendora RadioShack, located at 830 S. Grand Ave., is amongst the locations slated to close across the country as RadioShack Corporation has signed a purchase agreement with General Wireless, Inc.; the later will partner with Sprint to create a new retail presence in up to 1,750 of the acquired stores.
Business Insider reported that the closures will occur in three waves. The first wave will see 162 stores scheduled to close by Feb. 17. The second wave of stores, 986in all, are scheduled to close by Feb. 28 and the third wave, 636 stores, are scheduled to shut their doors by March 31.
Glendora’s store is amongst those to close by March 31.
The deal is still pending court approval.
“These steps are the culmination of a thorough process intended to drive maximum value for our stakeholders,” said RadioShack Chief Executive Officer Joe Magnacca in a written statement.
RadioShack has 4,000 stores nationwide, with more than 1,000 stores abroad. RadioShack’s foreign assets will remain untouched, store officials said.
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