December 13, 2018
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RadioShack expected to close 13 Maine stores in bankruptcy

Shannon Stapleton | Reuters
Shannon Stapleton | Reuters
The exterior of a RadioShack store is seen in the Queens borough of New York in this March 4, 2014 file photo.

PORTLAND, Maine — Electronics retailer RadioShack has slated 13 stores for closure in Maine in the wake of filing for Chapter 11 bankruptcy last week.

On its website, the retail chain posted a list of 1,784 stores nationwide that potentially could close, including the 13 in Maine.

The retail chain said it plans to close two locations in Augusta and Bangor, as well as locations in Auburn, Brunswick, Machias, Oxford, Portland, South Portland, Standish, Topsham and Wells.

The retail chain lists 29 locations in Maine on its website, including standalone retail stores and affiliate stores where it shares space with other retailers.

Reuters reported the company plans to sell another 2,400 stores to an affiliate of hedge fund Standard General, and wireless provider Sprint Corp. would operate as many as 1,750 of those stores under an agreement with Standard General.

The company reported it has 21,000 employees, $1.2 billion of assets and $1.39 billion of debts, according to court papers. It also has an agreement with a lender group led by DW Partners for a $285 million loan to operate in bankruptcy.

 


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