RadioShack Scores Millions in Tax Breaks

Wednesday, Jun 16, 2010  |  Updated 9:45 AM CDT
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RadioShack Scores Millions in Tax Breaks

NBCDFW.com

The tax breaks should keep RadioShack headquarters here for at least five years.

The Fort Worth City Council has approved $10.7 million in tax rebates to keep electronics retailer RadioShack Corp. from relocating.

The vote Tuesday came eight years after Fort Worth city leaders approved a RadioShack incentive package worth as much as $96 million.

RadioShack, with 1,100 employees and a $94 million payroll, threatened to relocate last year.

Under the new deal, RadioShack would have to repay some of the incentives if it leaves before 2016.

RadioShack Chief Financial Officer James Gooch says the agreement is "very good news that allows us to stay in our current location."

RadioShack had net income of $205 million, or $1.63 per share, in the most recent fiscal year.

Reports of a possible buyout began to circulate in March.

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