RadioShack Celebrates 75th Anniversary of Listing on the New York Stock Exchange
FORT WORTH // PRNewswire // -- RadioShack® (NYSE: RSH) today celebrated its 75th anniversary of listing on the New York Stock Exchange. Julian C. Day, chairman and CEO of RadioShack Corp., commemorated the landmark event by visiting the trading floor and ringing The Opening Bell(SM) at the NYSE.
"It's a privilege to mark this occasion, and I do so on behalf of all the people who have played a role in moving this business forward through the decades. Together, we have helped RadioShack to reach a historic milestone that relatively few businesses ever achieve," Mr. Day said.
"This achievement illustrates the staying power of the RadioShack brand and the adaptability of our small-box retailing format, which continues to serve as a platform for future growth," Mr. Day said. "The NYSE is the world's leading marketplace, and through our listing, RadioShack has enjoyed unparalleled access to investors and capital for more than seven decades. We appreciate the support and spirit of partnership that we enjoy with the Exchange, and we look forward to marking more meaningful anniversaries in the future." Throughout the history of the NYSE, fewer than 100 companies have celebrated 75-year listings.
RadioShack, which traces its history back 91 years, consistently has ranked among the most valuable, durable and respected brands in the American retailing landscape, most recently including No. 30 among the "Most Valuable U.S. Retail Brands" in Interbrand Design Forum's 2010 survey and No. 77 in the "Chain Store Age Top 100" listing of the nation's largest retailers for 2010.
RadioShack's origins lie with two separate entrepreneurial ventures: the Hinckley-Tandy Leather Company, which was founded in Fort Worth, Texas, in 1919 and eventually evolved into the Tandy Corporation; and Radio Shack, an independent seller of radio equipment for ships and "ham" operators that opened in Boston in 1921, named for the small wooden structures on ships that once housed radio equipment. In 1947, Charles Tandy joined his family's leather goods business, and in 1955 he sold the leather operations and embarked on a plan to attract investors and expand the business in new directions. In 1958, Mr. Tandy was elected chairman of the board and later changed the name of the Company to Tandy Corporation.
Tandy Corp. acquired Boston-based RadioShack in financial distress for $300,000 (in today's dollars) in 1963, marking the Company's start as a personal electronics retailer. In 2000, the Company changed its name from Tandy to RadioShack Corp., which listed on the NYSE under the ticker symbol RSH. Today, RadioShack employs more than 35,000 associates globally through a retail network of 4,670 company-operated stores across the United States and Mexico, more than 530 wireless phone kiosks in the United States, and approximately 1,300 dealer franchises in 29 countries.
Over the years, RadioShack has posted a number of important corporate and industry achievements:
- 75 years ago today — Oct. 14, 1935 — shares of the Company (at that time called the American Hide & Leather Company) began trading on the NYSE.
- In 1947, RadioShack opened the nation's first "audio showroom."
- In 1977, RadioShack introduced the first mass-produced personal computer, the TRS-80, a milestone that's warmly remembered in the technology community to this day.
- In 1986, RadioShack sold its first mobile telephone. Since then, the Company has sold more than 60 million mobile phones.
- In 2009, the Company achieved revenues of nearly $4.3 billion and introduced a new creative identity, "THE SHACK," starting a fresh conversation with consumers.
- Also in 2009, RadioShack established a partnership with LIVESTRONG®, Lance Armstrong's foundation focused on inspiring and empowering people affected by cancer worldwide. To date, RadioShack and its customers have generated more than $4 million in donations for LIVESTRONG.
About RadioShack Corporation
RadioShack is a leading national retailer of innovative mobile technology products and services, as well as products related to personal and home technology and power supply needs. The Shack® offers consumers a targeted assortment of wireless phones and other electronic products and services from leading national brands, exclusive private brands and major wireless carriers, all within a comfortable and convenient shopping environment. RadioShack employs approximately 35,000 people globally, including a team of friendly and helpful sales experts who are recognized for delivering the best customer service in the wireless industry. RadioShack's retail network includes 4,670 company-operated stores in the United States and Mexico, more than 530 wireless phone kiosks in the United States, and approximately 1,300 dealer outlets worldwide. For more information on RadioShack Corporation, please visit www.radioshackcorporation.com; to purchase items online, please visit www.radioshack.com. RadioShack® and The Shack® are registered trademarks licensed by RadioShack Corporation.
SOURCE RadioShack Corporation - G