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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowRadioShack 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
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1920 Applewood Centre |
Anderson |
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Regency River Creek |
Aurora |
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10409 E. U.S. Hwy 36 |
Avon |
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3122 John Williams |
Bedford |
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Cool Creek Commons |
Carmel |
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Green Tree Mall |
Clarksville |
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Towne and Country Center |
Columbia City |
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Old Capitol Centre |
Corydon |
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1242 N. Nappanee St. |
Elkhart |
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University Village |
Evansville |
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Lloyd Crossing |
Evansville |
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3832 1st Ave. |
Evansville |
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North By Northeast |
Fishers |
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210 E. Pettit Ave. |
Fort Wayne |
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Greenmeadows |
Greenfield |
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Shoppes at Smith Valley |
Greenwood |
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Greenwood Park Mall |
Greenwood |
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Washington Square |
Indianapolis |
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5418 W. 38th St. |
Indianapolis |
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Castleton Square |
Indianapolis |
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8760 N. Michigan Road |
Indianapolis |
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Indiana Creek Commons |
Indianapolis |
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4586 S. Emerson Ave. |
Indianapolis |
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Norgate Center |
Indianapolis |
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Linwood Square |
Indianapolis |
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2513 E. North St. |
Kendallville |
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Markland Plaza |
Kokomo |
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311 Sagamore Pkwy North |
Lafayette |
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Tippecanoe Mall |
Lafayette |
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River Pointe |
Madison |
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3156 S. Western Ave. |
Marion |
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University Mall |
Mishawaka |
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847 S. Tillotson Ave. |
Muncie |
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1111 E. Mcgalliard Road |
Muncie |
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Calumet Shopping Center |
Munster |
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2221 N. State St. |
New Albany |
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New Castle Plaza |
New Castle |
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Haimilton Town Center |
Noblesville |
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16771 Clover Road |
Noblesville |
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2663 E Main St. |
Plainfield |
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5974 U.S. 6 |
Portage |
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Richmond Square |
Richmond |
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2450 E. State Road 44 |
Shelbyville |
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4618 W. Western Ave. |
South Bend |
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Honey Creek |
Terre Haute |
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150 Silhavy Road |
Valparaiso |
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