RadioShack becomes sole owner of Mexico unit

FORT WORTH, Texas RadioShack announced that it has become the sole owner of Radio Shack de Mexico, S.A. de C.V. after purchasing the interest in the joint venture held by Grupo Gigante, S.A.B. de C.V. for approximately $43 million in cash. Radio Shack de Mexico has approximately 200 RadioShack branded stores throughout Mexico.

Commenting on the acquisition, chairman and ceo Julian Day said, "Radio Shack de Mexico represents an attractive growth platform for our company. This is a business we know well through our experience with the joint venture and the RadioShack brand has strong equity among consumers in Mexico."

RadioShack will operate the stores and related general office, service center and distribution center in Mexico as a wholly-owned subsidiary. All of the stores and support facilities are leased locations. The stores average approximately 1,300 square feet and are primarily located in shopping centers. Radio Shack de Mexico employs approximately 1,200 people.