RadioShack location in Farmington set to close
RadioShack owner General Wireless Operations Inc. announced the brand had filed for bankruptcy on March 8
- Farmington RadioShack store sells off inventory after company announces bankruptcy
- Company officials decline to say when it will close for good and how many employees are affected
- The company is closing 200 stores nationwide and will evaluate remaining 1,600 locations
FARMINGTON — Aztec resident Russ Lexa was among those who took advantage of the reduced prices on electronics components Friday at the local RadioShack location in light of last week's bankruptcy announcement by the company.
Large signs in the store windows on East Main Street displayed the discounts being offered on merchandise.
Lexa said the closure is a shame, but he understands the company has been struggling financially in recent years.
"We'll miss it. We'll just have to find another spot to get our stuff — online, probably," Lexa said.
A March 8 press release from General Wireless Operations Inc., which acquired RadioShack in April 2015, announced the brand had filed for bankruptcy.
The company will close 200 stores and evaluate options for the remaining 1,300 locations, according to the release.
Store employees declined to comment and referred questions to company officials.
RadioShack spokesman Tim Ragones declined to provide further details about the Farmington location, including when it will close or how many employees will be affected.
"The company is not commenting on specific stores closing," Ragones said.
This is the second time RadioShack has declared bankruptcy. When it was a privately owned company, it declared bankruptcy in 2015 and was purchased by General Wireless Operations, according to the release.
Four Corners Economic Development CEO Warren Unsicker said the store closure is part of a national downsizing effort by the parent company and is not an indicator of the local market. He said he does not see the closure as having a ripple effect on the economy.
"I see our retail market as strong," Unsicker said.
Andy Mason, city of Farmington administrative services director, said he cannot provide details about gross receipts tax paid by RadioShack because the state does not provide information about individual businesses.
At the store, Borrego Pass resident Lorenzo Mariano said he was shopping for supplies he could use for class at San Juan College.
"At this point, I'm thinking you'll have to go online if you want something like these resistors or this small stuff," Mariano said.
Although he was not a frequent customer, Mariano said he is sad to see RadioShack close its doors.
Noel Lyn Smith covers the Navajo Nation for The Daily Times. She can be reached at 505-564-4636.