The long standing electronics store, Radio Shack, has filed for Chapter 11 Bankruptcy. The company will close over 986 stores across the country as a result of this bankruptcy filing. Radio shack was founded in 1921 as a seller of electronics and is now selling off stores to General Wireless.
“Long-running electronics company RadioShack, which filed for bankruptcy last week, will see the closure of 1,784 stores across North America by March 31, the company confirmed in court documents.
RadioShack plans for the closures to come in three waves, the first of which will be completed by Feb. 17 and see the closure of 162 stores. The second will see 986 stores closed by Feb. 28, followed by a final purge of 636 stores by the end of March.
Despite filing for chapter 11 bankruptcy, some stores will continue to exist. RadioShack operates 4,485 stores across the U.S. and it was reported General Wireless had plans to purchase between 1,500 and 2,400 stores. As part of an agreement with wireless service provider Sprint, 1,750 RadioShack stores will also be transformed into a combination Sprint/RadioShack retailer.
According to the Delaware court filing, RadioShack representatives said the company had $1.2 billion in assets and $1.38 billion in debt.
RadioShack was first founded in 1921, selling electronics, games, consoles and tools.
http://www.polygon.com/2015/2/9/8003733/radioshack-bankrupt-closing
By: Emily Gera”
