SILVERDALE – The signs at the Kitsap Mall RadioShack hint at the news.
“Clearance blowout!” “All sales final,” they read.
The company-owned Silverdale RadioShack is set to close by March 31, as RadioShack Corp. sells up to 2,100 of its 4,100 stores across the country as a result of Chapter 11 bankruptcy restructuring.
Items at the Kitsap Mall RadioShack will be priced 30 to 60 percent off. Even the display shelving will be up for sale.
The store had been a presence at the mall since 1986.
None of the store’s four employees will be let go as a result of the closure, however, but instead will be reassigned a source said.
The Bremerton RadioShack is not on the list of stores to be closed.
According to RadioShack Corp.’s website, 25 stores on the “potential store closure list” are in Washington state at the following locations: Bellevue, Bonney Lake, Everett, Federal Way, Kennewick, Lacey (two stores), Lynnwood, Olympia, Puyallup (two stores), Renton, Seattle (two stores), Silverdale, Spokane (three stores), Tacoma, Tumwater, Union Gap, University Place, Vancouver (two stores) and Wenatchee.
RadioShack Corp. filed for Chapter 11 bankruptcy and restructuring on Feb. 5.
Hedge fund Standard General may acquire the remaining stores and cooperate with Sprint Corp. to run them as mobile phone sales centers.
The rise of smart phones has been cited as one reason RadioShack stores have come upon hard times. RadioShack sells Global Positioning System receivers, voice recorders, digital cameras and video cameras – features now included in a single smart phone.
RadioShack Corp. posted losses for the past 11 consecutive quarters. RadioShack Corp. plans to pay $3 million in bonuses to eight executives and other employees in order to persuade them to stay on board.
Franchise stores are not part of the restructuring.