The Palo Alto location was a one-story building from another age, with a large parking lot, surrounded by multi-story headquarters of the most lucrative businesses. It's close to Stanford and the Sand Hill Road VCs. Fry's lost their lease. I would assume that the site will be bulldozed and rebuilt as multi-story with in-building parking.
That said, I can confirm that if you go to Fry's looking for a new laptop, you will mostly find refurbished units and old models they couldn't sell. And you will notice that there aren't many people shopping, and that the shelves are astonishingly bare.
I used to go there often, but online stores have become my main source for electronics and computer hardware. I doubt I'm alone in that. Even back when I was a frequent customer, I would find that the stuff I bought at Fry's was often old models rather than the manufacturer's current ones. Toward the end I was looking everything up on my phone before putting it in a cart. Sort of defeats the purpose of shopping in a brick-and-mortar.