The RadioShack franchises located in Boothbay Harbor and Damariscotta will be unaffected by store closings announced by the RadioShack corporate entity following a bankruptcy filing on February 5, according to several sources.
Russ Brackett owner of the Boothbay Harbor RadioShack and the Damariscotta RadioShack, confirmed that both of those locations will remain open. Brackett pointed out that his stores are franchises, while the bankruptcy filing only affects corporate RadioShack stores. “Nothing will be changing at the Damariscotta and Boothbay Harbor stores,” Brackett said.
Brackett noted that his RadioShack stores are under Harbor Tech Solutions, an umbrella entity that offers a variety of brands including Video Loft, Quik Photo and US Cellular, as well as RadioShack.
An online report from the business news publication Quartz, that lists all 1784 of the RadioShack stores “slated for possible closure” nationwide, did not include the Damariscotta and Boothbay Harbor locations. A total of 13 Maine RadioShack stores are slated for closure, according to the report from Quartz, which is based on information from RadioShack. Those closures include two stores in Augusta and one in Brunswick, both nearby Lincoln County.
The bankruptcy filing for RadioShack Corp. came as no surprise. On Jan. 15 (2015) the Wall Street Journal reported that, “RadioShack Corp. has delayed paying January rent on some stores as it works to conserve cash during its restructuring effort, according to people familiar with the matter. The Fort Worth, Texas, consumer-electronics retailer is preparing to file for bankruptcy protection next month and has reached out to potential lenders that could fund its operations during a Chapter 11 restructuring. RadioShack is struggling to stay afloat after posting 11 straight quarterly losses.”
Stock in RadioShack Corp. (RSHC) was valued at only 0.13 per share when the markets closed on Friday, Feb. 6, according to money.cnn.com. That price reflected a decline of 99.31% since 2010, when the stock was valued ranging at mid $20 per share.
The Lincoln County News will continue to follow the progress of this event and post any additional information here as soon as it is obtained.
