San Jose, Calif.-based Fry’s Electronics has permanently closed its entire portfolio of stores, the company announced on its website overnight.
The sudden and unexpected move is effective immediately across the entire Fry’s portfolio of 31 locations. Fry’s had been in business nearly four decades.
“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 wrote. “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.”
In addition to its “30-Day Price Match Promise,” the retailer was known for its larger-than-life, themed retail stores like the 1950s sci-fi movie-styled Burbank outpost, complete with a UFO, pictured above
“The Company ceased regular operations and began the wind-down process on February 24, 2021,” according to the announcement. “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.”