OAKHURST – Despite news that retail electronics franchise Radio Shack filed for bankruptcy on Thursday, Feb. 5, the local Radio Shack store in Oakhurst is reported to be staying open.
It’s no surprise that Radio Shack has filed to reorganize under Chapter 11. The corporation has endured 11 consecutive quarterly losses and a stock-drop of about 90% over the last year.
On Monday, trading on the New York Stock Exchange was suspended, and Bloomberg is reporting that the firm originally founded as Tandy Corporation in 1921 is now in talks to close about half their stores and sell the remaining leases to Sprint.
Radio Shack currently has more than 4,000 stores. Questions about the future of the Oakhurst store were referred to the corporate office, while a friendly store employee at the Oakhurst location repeated emphatically, “we are not closing!”
This week Radio Shack published a list of the stores it plans to close and the Oakhurst store is not on that list. If the deal with Sprint does go through, some Radio Shack stores will be rebranded.