Apple Retail Chain Once Owned By GameStop To Shut Down

Apple Inc AAPL authorized retailer and service provider Simply Mac is reportedly ending operations and letting go of all its employees.

What Happened: Simply Mac CEO Rein Voigt mentioned the COVID-19 pandemic in a letter to employees as a reason for setbacks suffered by the retailer, Appleinsider reported.

“We could not have possibly foreseen that on December 12, 2019, in Wuhan, China a worldwide pandemic would start and ultimately cause us to lay off half our workforce and close many of our stores,” said Voigt. 

Voigt said Simply Mac was unable to adequately stock shelves or stay “current with our financial obligations.”

The company is filing for Chapter 7 bankruptcy and will be completely liquidated. The CEO said the company will be unable to pay employees expecting salaries on July 10 for the previous week. Staff can file claims with the bankruptcy court, according to Voigt.

See Also: How To Buy Apple (AAPL) Shares

Why It Matters: Simply Mac was present in 53 locations in the United States, primarily in areas underserved by Apple, according to Appleinsider.

The retailer’s website had an “under maintenance” notice at press time, as noted by Benzinga. 

Simply Mac customers have stated that their calls regarding repairs have gone unanswered, Appleinsider reported.

Miami-based Cool Holdings announced the purchase of Simply Mac from GameStop Corporation GME in May 2019.

Price Action: On Thursday, Apple shares closed 3.6% lower at $142.64 in the regular session and rose 0.3% in the after-hours trading, according to data from Benzinga Pro.

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Posted In: NewsTechMediaCovid-19Meme StocksRein VoigtSimply Macstonks
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