About 500 Radio Shack stores will be closing as part of a restructuring plan. The news comes just days after the company paid top dollar for their 80's inspired Super Bowl ad which was undoubtedly a hit. On Feb. 4, Syracuse.com reported that the company obtained funds to get out of $625 million worth of debt and they are planning to revamp their brand.
"The funds went towards overhauling the company's image of an outdated electronics store towards a shopping destination for 21st century gadgets like Beats headphones and Samsung smartphones," Syracuse.com reports.
The 500 Radio Shack stores closing will be scattered throughout the country. It's unclear exactly which stores will be closing their doors or if any will reopen in the future. The company is really working toward a new beginning and if all goes well, they might be able to do okay. However, with mega stores like Best Buy, it might be hard for the smaller Radio Shack outlets to compete.
While Radio Shack might think that they are doing themselves a favor, some people like the store the way it is. Why? Well a lot of people need things (like odd size batteries) that they just can't get anywhere else. While the store doesn't want to live in the 80's anymore, some other people insist on it. So, hopefully Radio Shack will be the best of both worlds (or decades, if you will).
The 500 Radio Shack stores that are closing could be announced before the Spring.
© Effie Orfanides 2014