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RadioShack to close 200 more stores, files for bankruptcy again

RadioShack to close 200 more stores, files for bankruptcy again”

Earlier this week, RadioShack and Sprint agreed to terminate their relationship and Sprint paid RadioShack a $12 million "wind down payment" in exchange for transferring leases for 115 stores to Sprint, according to the filing from Dene Rogers, president and chief executive officer of General Wireless Operations, the company that operates RadioShack.

General Wireless Operations Inc., part of hedge fund Standard General, acquired the RadioShack trademark and many of its stores after its 2015 bankruptcy.

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Sprint released a separate press release regarding the matter.

"The liquidation of Circuit City Stores in 2009 was expected to give other electronics retailers some breathing room, but Amazon.com kept eating away at their market share", Fortune writer Phil Wahba said.

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The reorganization plan calls for the shutting of 187 stores by Monday; the sale to Sprint or closure of another 365 stores by March 31; and an evaluation of the remaining 1,000 locations, with an option to liquidate. RadioShack also has closed more stored and slashed operating expenses by more than 20%, but it wasn't enough. Over the same time, we integrated FedEx pickup / drop-off into 140 RadioShack locations, delivered to customers over 700,000 Hulu login pins and sold more than a million RadioShack private brand headphones and speakers delivering high quality, value-based audio products to consumers across the country.

The companies had teamed up in 2015 after the troubled electronics retailer was emerging from a bankruptcy reorganization. RadioShack now operates more than 1,500 retail locations and could not confirm the locations of stores that will be closed. Numerous customers avoided their services and chose Amazon.com Inc. and Best Buy Co as they preferred stores for electronic purchases. This deal therefore did not work out the way RadioShack had anticipated.

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