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Space for a Shack in Hillcrest?

Troubled electronics store chain plans closings

RadioShack Corporation's September 11 announcement of second-quarter financial results strongly suggested that store closings are coming. Joseph C. Magnacca, chief executive officer, said the company “may need additional capital.” Magnacca also announced possible “debt restructuring” and “a store base consolidation program.”

A background interview on September 12 revealed that the Hillcrest RadioShack is not likely to close, since it's reportedly profitable. But a Mission Valley RadioShack closed down after it received a huge rental increase. Regency Centers, the new owner of the maturating Uptown District Shopping Center, is in the middle of a major renovation project. It's been renamed the Hub, and Regency plans to bring in several new tenants.

Luke Terpstra, Hillcrest Town Council chair, said, “The people at the Postal Place told me they were asked to leave because they were not the 'type of business’ Hub wanted in their new space.” The Postal Place moved to North Park and occupies a former pizza place at 2358 University Avenue.

The Reader contacted RadioShack public relations in Fort Worth, Texas, to ask if the Hillcrest and other RadioShack stores in San Diego County may be closed. An unsigned reply stated in part: “This may include a store base consolidation program, but we don’t have additional details to share at this time. Our highest priority is working on a solution to maximize value to all of our stakeholders while giving us the flexibility to complete our work.”

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RadioShack Corporation's September 11 announcement of second-quarter financial results strongly suggested that store closings are coming. Joseph C. Magnacca, chief executive officer, said the company “may need additional capital.” Magnacca also announced possible “debt restructuring” and “a store base consolidation program.”

A background interview on September 12 revealed that the Hillcrest RadioShack is not likely to close, since it's reportedly profitable. But a Mission Valley RadioShack closed down after it received a huge rental increase. Regency Centers, the new owner of the maturating Uptown District Shopping Center, is in the middle of a major renovation project. It's been renamed the Hub, and Regency plans to bring in several new tenants.

Luke Terpstra, Hillcrest Town Council chair, said, “The people at the Postal Place told me they were asked to leave because they were not the 'type of business’ Hub wanted in their new space.” The Postal Place moved to North Park and occupies a former pizza place at 2358 University Avenue.

The Reader contacted RadioShack public relations in Fort Worth, Texas, to ask if the Hillcrest and other RadioShack stores in San Diego County may be closed. An unsigned reply stated in part: “This may include a store base consolidation program, but we don’t have additional details to share at this time. Our highest priority is working on a solution to maximize value to all of our stakeholders while giving us the flexibility to complete our work.”

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Comments
8

Love the title of this article, it caught my attention! I've stopped by this Radio Shack location a couple times and found the sales people to be very helpful. I hope they are able to stay in Hillcrest. They're in a very competitive business and somehow need to change their image to one more current.Good luck to them.

Sept. 13, 2014

Some say RadioShack waited too late to update its stores, and what it sells in those stores. Their TV advertising was mediocre, and the corporate name was just too dated (as with Blockbuster and Circuit City).

Sept. 15, 2014

Most businesses that rent space from malls (large and small) are usually on a triple net lease. They pay for everything not the landlord. New roof, parking lot paving, exterior painting, all landlord taxes, all improvements. There is the basic per foot rent then the landlord adds everything else on. More than some poor schmuck making minimum wage these greedy landlords suck all the profit making potential out of these small businesses. The only thing that the landlord provides is fire insurance on the building. Plumbing leak, you fix it, roof leak, you fix it, on and on. . . . . .

Sept. 14, 2014

But RadioShack is not a small business. The company has more than 4,000 stores in the U.S. Time will tell how many will be left as stores are closed. Brick-and-mortar electronics stores (like BestBuy, etc.) have been hammered by Amazon and other e-tailers, and it will get worse for them.

Sept. 14, 2014

No doubt about it.

Sept. 14, 2014

Holly Etlin has stepped in as CFO today. She is a specialist creditor and debtor representation and bankruptcy. The pre-packaged bankruptcy is probably going to be filed soon. The light at the end of the tunnel is a train.

Sept. 15, 2014

"Ruh-roh!" Thanks for the update! Doesn't look good. JC Penney may be next.

Sept. 15, 2014

The Wall Street Journal reported yesterday: "RadioShack Corp. has tried—unsuccessfully so far—to convince a major supplier to alter its terms as the struggling electronics retailer works to avoid a bankruptcy filing."

Sept. 23, 2014

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