The hostage has been identified as 28-year-old Chris Nimerfroh, the store's manager.
9NEWS has learned one of the suspects is 19-year-old Taveuan Williams.
The two suspects have been identified as Taveuan Williams, 19, and Michael Annan, 23. The hostage has been identified as 28-year-old Chris Nimerfroh, the store's manager.
Police responded to the RadioShack at 5305 East Colfax Friday morning after a report of a robbery.
Police arrived before Williams and Annon were able to get away. Police say one of the suspects was attempting to leave but ran back inside when police showed up and took Nimerfroh hostage.
The suspects shot several rounds, but police say no one was hit.
Police entered the store and conducted negotiations as a SWAT team surrounded the building. Family members were also on scene and working with police to talk to the suspects.
Several buildings in the surrounding area were evacuated. The standoff shut down a portion of busy Colfax Avenue.
Schools in the area were also affected by the armed standoff. Four elementary schools - Palmer, Teller, Montclair, and Park Hill - were on lockdown.
The parents of Chris Nimerfroh were relieved to learn their son was unharmed and the situation ended peacefully.
"[The suspects] made a mistake and did the right thing by not letting anybody get hurt," Scott Nimerfroh, father of the hostage, said.
Related Story: Family of RadioShack hostage thankful for outcome
It was an emotional reunion with family members.
"He just gave us a hug and broke up in tears," Melissa Nimerfroh, mother of the hostage, said. "He [said] over and over he just wanted to see his son."
Chris Nimerfroh told family members that he was held at gunpoint and thought he was going to be killed.
Williams and Annan are no strangers to police.
Records show Williams plead guilty to felony vehicle theft only four days after his 18th birthday. A month later, he plead guilty to the first of several theft and larceny charges. He was charged with identity theft and forgery in February 2012.
Details of Annan's record were not immediately available.
Related Story: 19-year-old hostage suspect has long rap sheet
9Wants to Know has learned friends and family were reaching out to Taveuan Williams during the standoff through Facebook.
A woman named Charisma posted on his timeline:
"Man, cousin please surrender I love u and I'm praying for you."
Strangers even tried engaging Williams. A woman named Arlene in Wichita left the following message:
"I don't live in Colorado, but I just wanted to tell you people really care, they really do. If you would just come out and give them a chance to show you, then it would be ok."
RadioShack released a statement saying the company was "praying for a safe resolution." Company officials declined further comment.
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