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.”