Fry's Electronics Permanently Closes Stores Due to 'Changes in the Retail Industry': 'How Sad!'
Fry's Electronics is permanently closing each of its locations nationwide.
On Wednesday, the company — which is known for unique themes at some of its stores — announced in a statement on its website that an ever-changing retail industry and the ongoing COVID-19 pandemic has forced them to close.
"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 statement said. "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 statement continued that the company "ceased regular operations and began the wind-down process" on Wednesday.
"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's added.
The company said it is currently figuring out how to contact customers and vendors to figure out the next steps for equipment currently being repaired or needing to be picked up.
The company, which owned 31 stores across nine states, was a family-owned business based in San Jose, California, according to The New York Post.
The outlet reported that some of the Fry's Electronics stores were decorated with fun themes, including a Western theme at its Palo Alto, California location and a 1950s sci-fi theme at its Burbank store.
The latter featured a large UFO crashing through the front of the location.
Reacting to the news of Fry's Electronics' closure on social media, some sshoppers expressed their shock at the company's sudden move.