After more than three decades in business, Fry’s Electronics has announced that it is shutting down all stores with immediate effect. The big-box electronics store has been a long-time Apple Authorised Reseller. The company confirmed that it is going out of business and has also shut down its online store. The website has now been replaced with a goodbye message. The message has attributed the sudden decision to the challenges posed by the coronavirus pandemic and changes in the retail industry. The company said that the shutdown will be implemented in an orderly wind-down process. “This will be in the best interests of everyone, be it the company or other stakeholders.”
Fry’s was founded during the early days of Apple and it sold products like Macs and eventually iPads and iPhones. It also sold other products of Apple as it went on to evolve as a USD 2.3 trillion consumer technology behemoth from a pioneering computer company in the 1980s. The first store of Fry’s Electronics was opened in the year 1985. All the initial stores opened during that period were enormous. But pandemic forced the company to take a tough decision. While few of its stores had already closed, Fry’s has decided to close all other remaining stores spread across nine different states.
Fry’s has been a family-owned business and served as a one-stop solution for all your technology needs. But the writing has been on the wall for the last few years and those who were regular visitors knew it. The company not only struggled to adapt to fast changes in the retail industry but was also under pressure to compete with the likes of Best Buy and Amazon. While Fry’s tried to compete with them by offering aggressive price campaigns, those efforts failed to bear any fruit. E-commerce sites have changed the way people used to buy electronics. This is evident by the fact that fellow electronics-retail pioneers have already closed their doors. While Circuit City decided to shut down in 2009, RadioShack went bankrupt in 2015. Even Best Buy has been struggling to keep afloat in this new post-pandemic market scenario.