Fry’s Electronics is going out of business and ending a nearly four-decade of running this business.
The Electronics company, which stores across the United States, issued a statement on its website that it “made the difficult decision to shut down its operations and close its business permanently” as a result of changing consumer shopping habits and the ongoing pandemic.
Fry’s has about thirty stores across the US.
On there website they wrote:
“After nearly 36 years in business as the one-stop-shop and online resource for high-tech professionals across nine states and 31 stores, Fry’s Electronics, Inc. (“Fry’s” or “Company”), has made the difficult decision to shut down its operations and close its business permanently as a result of changes in the retail industry and the challenges posed by the Covid-19 pandemic. The Company will implement the shut down through an orderly wind down process that it believes will be in the best interests of the Company, its creditors, and other stakeholders.
The Company ceased regular operations and began the wind-down process on February 24, 2021. It is hoped that undertaking the wind-down through this orderly process will reduce costs, avoid additional liabilities, minimize the impact on our customers, vendors, landlords and associates, and maximize the value of the Company’s assets for its creditors and other stakeholders.”
Fry aimed to “provide a one-stop-shopping environment for the Hi-Tech Professional,” selling an estimated of over 50,000 electronic items in each store, which ranged anywhere between 50,000 to 180,000 square feet. It was founded in Sunnyvale in 1985 by the three Fry brothers – John, Randy, and Dave – and Kathy Kolder.
Be the first to comment