RadioShack files for bankruptcy; 1500 stores at risk of closure

RadioShack files for bankruptcy; 1500 stores at risk of closureā€¯

RadioShack on Wednesday filed for bankruptcy for the second time in less than three years and said it will close about 200 stores, the Associated Press reported early Thursday.

The electronics chain now operates 10 stores in Western Mass., and one store in Worcester and over 30 in the eastern part of the state.

Crull also said Sprint "will provide opportunities for all Sprint employees working at Sprint-RadioShack locations to transition to another Sprint store".

RadioShack's parent company, General Wireless Operations, has filed for bankruptcy.

Several hundred stores will be converted to Sprint stores, CNN reported.

In an attempt to keep the doors open on 1,740 stores, RadioShack struck a partnership with Sprint during its bankruptcy, inviting the mobile carrier to co-brand with the company and set up smaller stores within its own.

In its bankruptcy filing, General Wireless listed assets and liabilities of $100 million to $500 million each.

RadioShack was once the eighth-largest consumer electronics dealer, with more than 5,000 stores in the USA, but by 2014 it was losing $200 million annually in the mobility business alone.

The President and CEO of the company, Dene Rogers said the company is closing for several reasons, including its partnership with Sprint proved to not be as profitable as projected, and was the reason for the last bankruptcy filing.

Radio Shack has not confirmed which stores will be closed. GWO was counting on its share of commission payments, which were to kick in after Sprint realized its first $60 million from the in-store shops - projected to be achieved within a 12-month timeframe.

Sprint released a separate press release regarding the matter.

"Best Buy has found its way through the wreckage and stabilized its business, but hhgregg, a smaller furniture and electronics chain, filed for bankruptcy on Monday and said it would close one third of its stores", Wahba continued. It listed liabilities and assets in the range between 100 million dollars and 500 million dollars in the court for bankruptcy in the district of DE of United States.

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