Post Falls RadioShack closing
<p>Stephen Wright, sales associate and interim store manager, helps a customer with a cell phone case Monday during his shift at the Post Falls electronics store. More than 1,700 stores, including the Post Falls location, will by closing as the company scales back operations.</p>
POST FALLS - The RadioShack in Post Falls is in the process of closing after the struggling electronics retailer filed for Chapter 11 bankruptcy.
"We do not have a timeline (on the closure) at this time," a company spokesperson wrote in an email to The Press on Monday.
Other questions, including how many employees work at the store and if they'll be offered severance packages, were unanswered.
"We do not have any further details to share," an email stated.
The store at 3134 E. Mullan Ave., Suite A, next to Walmart is holding a going-out-of-business sale, offering 20 to 40 percent off all its merchandise until it closes.
An employee in the Post Falls store referred media inquiries to the Fort Worth, Texas-based company's corporate public relations department. He said the sale will likely be held through March 1.
The RadioShack at 131 E. Best Ave. in Coeur d'Alene plans to stay open.
"We intend to transition a portion of our stores to new ownership and begin a sale process for other company-owned assets," the company website states. "Our domestic and international franchise stores are independently owned and are not part of our restructuring."
The 95-year-old electronics chain has begun closing sales at more than 1,700 stores nationwide as it moves toward restructuring.
RadioShack currently has about 4,000 company-owned stores in the country. Its more than 1,000 dealer franchise stores in 25 countries, the stores operated by its Mexican subsidiary and its Asia operations are not included in the Chapter 11 filing.
RadioShack signed an asset purchase agreement with General Wireless Inc., an affiliate of Standard General. General Wireless agreed to acquire between 1,500 and 2,400 of RadioShack's U.S. company-owned stores. The sale agreement is subject to court approval.
"Discussions are underway with interested parties to sell all of the company's remaining assets," a company press release states.