Another round of layoffs hit RadioShack headquarters downtown on Tuesday as the company prepares for a bankruptcy auction of about half its stores next week.
An estimated 50 to 100 people reportedly lost their jobs as the electronics retailer continues to downsize its operation. The company declined to specify the number of jobs involved. It now has about 500 employees in Fort Worth.
On Monday, the company filed a list of 1,723 stores that will be part of a stalking horse bid from the Standard General hedge fund, one of its big shareholders and creditors, which proposes to keep those stores operating in conjunction with Sprint.
Six Fort Worth locations were listed, plus one each in Arlington, Keller, Southlake, Weatherford, Azle, Saginaw, Bedford and Granbury.
Some store leases would be assigned to General Wireless, an affiliate of Standard General, while others would go to Sprint, which has agreed to take space inside many of the RadioShack locations. Most stores would have the “store-within-a-store” concept, while some would be stand-alone locations.
For example. the RadioShack store on Eastchase Parkway in Fort Worth is designated as a stand-alone Sprint location while the store at 3401 Alta Mesa would be co-branded with a Sprint store inside the RadioShack store.
Competitive bids for store locations are due in bankruptcy court. An auction is set for Monday, with the court scheduled to approve the sale later next week. A separate hearing is set for Thursday to consider objections from the unsecured creditors about the sale process.
Stores that are not sold will be closed, so if the Standard General deal is approved, more than half of the company’s 4,000 U.S. locations would be shuttered. The company said that about 1,400 stores have already closed.
Steve Kaskovich, 817-390-7773