Liquidation sales started at more than 1,700 RadioShack stores yesterday, a day after the 94-year-old consumer electronics chain filed for bankruptcy protection with plans to close up to 2,100 stores, including 43 in Massachusetts.
Discounts of up to 50 percent off original prices are being offered on the stores' entire inventories under store-closing sales.
RadioShack gift cards will be honored for 30 days.
The Fort Worth-based RadioShack hopes to sell 1,500 to 2,400 other stores to hedge fund Standard General, its lender and largest shareholder, through a court auction process. Up to 1,750 of them would operate as co-branded stores with Sprint. The mobile carrier would set up stores-within-stores at those locations, which also would sell RadioShack merchandise.
RadioShack could not specify how many Massachusetts locations were included in that group. The company got its start in Boston as a ham radio seller in 1921.
RadioShack listed assets of $1.2 billion and $1.3 billion in debt in bankruptcy documents. Its revenue has been significantly declining over the past three years due to increasing competition from online and big-box rivals and its failure to become a destination for mobile phone buyers. RadioShack generated $3.4 billion in revenue in 2013, but posted a $344 million net operating loss. "Despite numerous initiatives and extensive work by management, RadioShack's performance continued to suffer in 2014," the company said in court documents.
The more than 1,100 RadioShack stores operated through franchise agreements are independently owned and are not part of the bankruptcy process.
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