Fry’s Electronics suddenly went bankrupt

by

The company, which had 31 stores in nine US states, said in a statement on its website that it had “made the difficult decision to shut down its operations and close its business permanently” because of changing consumer buying habits and the ongoing Covid -19 pandemic. .

The privately held company, based in San Jose, California, was a family business. It was founded in 1985 by the three Fry brothers with the aim of being “an electronics store in Silicon Valley to provide a one-stop shopping environment for the Hi-Tech Professional.”

“It is hoped that settlement through this orderly process will reduce costs, avoid additional liabilities, minimize the impact on our customers, sellers, landlords and employees, and minimize the value of the company’s assets to its creditors and other stakeholders. will maximize. ”Fry explained on his website.

Other details about his sudden disappearance were sparse.

Many of the retail locations had crazy themes. For example, the Burbank location was inspired by 1950s sci-fi movies and had a UFO decoration that slammed through the store’s exterior. The Phoenix, Arizona location featured an ancient Aztec temple, and the Houston, Texas store was inspired by the state’s oil history.

The retailer was not innovating its online activities as quickly as its bigger rivals. Best Buy BBY, for example, recently reported its best quarter in 25 years, when home customers bought laptops, home theater systems and kitchen appliances.

Source