Thread: RadioShack files for bankruptcy
#1 RadioShack files for bankruptcy02-06-2015, 09:12 AM
FORT WORTH, Texas, Feb. 5 (UPI) -- Half of RadioShack's 4,000 stores will close under a reorganization plan announced Thursday as the company filed for Chapter 11 bankruptcy.
The survivors will be operated by Standard General LP, a hedge fund and the largest holder of RadioShack stock, and the telecommunications giant Sprint Corporation. The agreement calls for Standard General to take over 1,750 to 2,500 stores.
The company, headquartered in Fort Worth, Texas, filed its petition in U.S. Bankruptcy Court in Delaware, listing assets of $1.2 billion and debts of $1.39 billion. RadioShack has posted losses of $1 billion in the past three years, and sales have continued to slide.
Read more: http://www.upi.com/Business_News/201...#ixzz3QyDOYVFW
02-06-2015, 10:02 AM
It's no surprise that a store with the name "radio" in it's name will not survive the digital age.
I have great memories of Radio Shack growing up. I used to get one free battery every month from one of their shopping mall stores in IL and I even built my own AM radio with a kit from RS.
02-06-2015, 10:17 AM
I'm not really surprised to see this.
There are some bandits in suburban Detroit that have been targeting Radio Shacks for robberies, because the stores are usually pretty empty during business hours. Now, who are they going to go after?
02-06-2015, 10:29 AM
Radio Shack has diversified (or tried to) over the years and I just seen on the news that Sprint is actually taking over a few of the store fronts & buildings.
One of my highlights when I was a child was stopping in at the mall and asking for their new catalog every year, I used to study that thing. I loved all the DIY electronic kits. I remember several stores that had a Tandy Leather store attached to them.
My very first cell phone was purchased from a Radio Shack in 1993.
02-06-2015, 11:02 AM
Back in a small town in IL there was a franchise store that did really well. They also sold televisions, direct tv & dish network subscriptions, cell phones for almost all of the major carriers and they were always busy! Some of their radio shack inventory appeared to be about ten years old or older. The store had wood floors as the downtown building was over 100 years old. They even had a repair service for televisions, etc. The prices were very fair & I think they sold more new televisions then the Wal Mart in the same town.
They were in business for 100 years, even though I knew this day was coming it's still sad to see they had to file BK.
02-06-2015, 11:46 AM
sad to see it go. Other long term stores like Sears and JC Penny are just barely hanging on and will probably go by the wayside soon.The price of freedom is something the protected will never know.
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