Radio Shack gets bankruptcy OK to close 45 stores in Indiana

RadioShack Corp. can start getting rid of its inventory right away, a judge said in approving the 94-year-old consumer-electronics chain’s request to begin store-closing sales.

The company in court filings said it plans to close as many as 2,100 stores, including 45 in Indiana. (A full list of state closing appears at the bottom this story).

Among the central Indiana locations expected to close are seven stores in Indianapolis, including at Castleton Square Shopping Center, Indiana Creek Commons, Norgate Center, Linwood Square, and on West 38th Street, North Michigan Road and South Emerson Avenue.

Other area locations slated to close: Cool Creek Commons in Carmel, North by Northeast Shops in Fishers, Hamilton Town Center and Clover Road in Noblesville, and Shoppes at Smith Valley, Greenwood Park Mall and Greenmeadows Shopping Center in Greenwood.

The company, which filed for bankruptcy Thursday, will return to court Monday seeking further approval. In the businesses of liquidation “three days is a lifetime,” U.S. Bankruptcy Judge Brendan Shannon said.

As many as 2,100 stores are to be closed under a deal with these liquidators: Hilco Merchant Resources, Gordon Brothers Retail Partners LLC and Tiger Capital Group LLC.

RadioShack, based in Fort Worth, Texas, has been trying to compete with Amazon.com Inc. and Wal-Mart Stores Inc. while at the same time coping with what CEO Joe Magnacca has called an industrywide slump in demand for consumer electronics.

The company listed assets of $1.2 billion and debt of $1.38 billion in documents filed in U.S. Bankruptcy Court in Wilmington, Delaware.

The temporary approval for store-closing sales also gives RadioShack additional time to resolve concerns raised by landlords over the way the liquidation will be conducted.

Radio Shack also received permission to keep paying its 21,000 employees.

The company said Thursday that it has an agreement to sell 1,500 to 2,400 of its locations to a unit of Standard General LP, its biggest shareholder. Standard General has a deal with wireless carrier Sprint Corp. to set up stores-within-stores at as many as 1,750 locations.

The accord required an approved bidding plan within 14 days of the bankruptcy filing. Shannon scheduled a Feb. 20 hearing on RadioShack’s request for approval of the bidding procedures.

Expected Radio Shack store closings

1920 Applewood Centre

Anderson

 

Regency River Creek 

Aurora

 

10409 E. U.S. Hwy 36

Avon

 

3122 John Williams 

Bedford

 

Cool Creek Commons

Carmel

 

Green Tree Mall

Clarksville

 

Towne and Country Center

Columbia City

 

Old Capitol Centre

Corydon

 

1242 N. Nappanee St.

Elkhart

 

University Village 

Evansville

 

Lloyd Crossing 

Evansville

 

3832 1st Ave.

Evansville

 

North By Northeast 

Fishers

 

210 E. Pettit Ave.

Fort Wayne

 

Greenmeadows 

Greenfield

 

Shoppes at Smith Valley

Greenwood

 

Greenwood Park Mall

Greenwood

 

Washington Square 

Indianapolis

 

5418 W. 38th St.

Indianapolis

 

Castleton Square

Indianapolis

 

8760 N. Michigan Road

Indianapolis

 

Indiana Creek Commons 

Indianapolis

 

4586 S. Emerson Ave.

Indianapolis

 

Norgate Center

Indianapolis

 

Linwood Square 

Indianapolis

 

2513 E. North St.

Kendallville

 

Markland Plaza 

Kokomo

 

311 Sagamore Pkwy North

Lafayette

 

Tippecanoe Mall 

Lafayette

 

River Pointe 

Madison

 

3156 S. Western Ave.

Marion

 

University Mall

Mishawaka

 

847 S. Tillotson Ave.

Muncie

 

1111 E. Mcgalliard Road

Muncie

 

Calumet Shopping Center

Munster

 

2221 N. State St.

New Albany

 

New Castle Plaza

New Castle

 

Haimilton Town Center

Noblesville

 

16771 Clover Road

Noblesville

 

2663 E Main St.

Plainfield

 

5974 U.S. 6

Portage

 

Richmond Square 

Richmond

 

2450 E. State Road 44

Shelbyville

 

4618 W. Western Ave.

South Bend

 

Honey Creek 

Terre Haute

 

150 Silhavy Road

Valparaiso

 
     

 

 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     

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