Radio Shack Corp. announced Chapter 11 bankruptcy last week but it is still undetermined how that will affect locally owned stores.
Mike Navarre is the president of Zan Inc. which owns the Radio Shack Brand.
Navarre: “Well the two stores on the peninsula and the other stores that we own actually around the state are dependent on what happens in the bankruptcy process. If the brand name goes away or is purchased by someone else it could impact us to where we don’t get to use the brand after some period of time, in which case we would restructure our stores and still be electronics retailers and just not have the Radio Shack brand, or look at liquidating and closing down. We just don’t know yet we still need a lot more information.”
He explained that their stores are independent dealers who buy from Radio Shack but also from third party vendors.
The Navarre family owns six locations across the state, after having closed three in the last few years.
Mike said at this time they have no plans to close any other stores but will have to play it by ear as the national Radio Shack bankruptcy plays out.