March 08, 2017
Sprint agreement with RadioShack will result in new corporate-owned stores
By Kevin Crull, President, Omnichannel Sales
Earlier today General Wireless Operations, doing business as RadioShack, filed for bankruptcy protection, an unfortunate development for this storied retailer and valued partner.
We had the opportunity to work with RadioShack as it emerged from its previous bankruptcy in the spring of 2015. We invested in high quality store-within-a-store formats in more than a thousand RadioShack locations, quickly and efficiently expanding our footprint to better serve customers.
Recognizing the risk in this business model, we entered into an agreement that would protect Sprint’s interests even in the event of another bankruptcy.
Some people may have questions about how today’s news affects Sprint. RadioShack’s bankruptcy filing and subsequent store closings are not material to Sprint’s overall sales results.
We evaluated the performance and location of Sprint-RadioShack stores and reached an agreement with General Wireless Operations to convert several hundred doors into Sprint corporate-owned stores. We will redeploy to other Sprint stores assets such as signage, displays and inventory currently at RadioShack locations which are closing.
I’m happy to report that we will provide opportunities for all Sprint employees working at Sprint-RadioShack locations to transition to another Sprint store.
We will continue to fine-tune our Omnichannel sales strategy to serve customers wherever, whenever and however they want.