A few days after filing for bankruptcy, RadioShack announced it would close stores across the country. Among them are two at the Severance Town Center in Clive and Urbandale. A company spokeswoman says the stores will be having final clearance sales and will close by Aug. 1. The company will shift investments to better performing stores.
The company has been struggling for several years and had been unable to refinance debt in 2015. It was bought by General Wireless in 2015, which converted some stores into “stores within a store” selling both RadioShack and Sprint products. The Fort Worth, Texas-based company has been in a second bankruptcy protection since then.
It has also been sued by former employees who claim the company breached its fiduciary duties by encouraging them to invest their 401(k) retirement savings in company stock. The lawsuits were filed in federal court in Dallas.
Radio Shack has been known as America’s technology store and later for its slogan, “you’ve got questions; we’ve got answers.” RadioShack was one of the first retailers to offer cellular phone service, and it helped bring the public into the use of personal computers. It was the only major American retailer of the TRS-80 proprietary computer and its accessories.
At its peak in 1999, Radio Shack operated retail and mail order outlets in the United States, Mexico, Australia, Brazil, Canada, and the UK. Its house brands included Realistic (stereo, hi-fi and radio), Archer (antenna rotors), Micronta (test equipment), Tandy (computers), RCA Digital Electronics, Concertmate (music synthesizers) and Enercell (batteries). It remained in business after buying Allied Radio Corporation, which owned the RCA brand, in 1970.