Sci-tech

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.



Like this

Latest


09 March 2017
TSA announces new 'more involved' full body pat-downs
Now, there will be just one type of physical search to which the TSA has described it to be a lot more "comprehensive". Starting this week, if you're chosen for a pat-down , it might be more invasive than before.

08 March 2017
Train collides with bus at railroad crossing in Mississippi
The train was eastbound shortly before 2:30 p.m. when it collided with a northbound charter bus, Biloxi spokesman Vincent Creel. The local hospital set up a triage unit near the accident to help treat injured passengers, according to the AP.

07 March 2017
Rhode Island twin sisters, 97, die after falling in driveway
They said Williams was going to her auto to leave Haley's home when she fell in the driveway, near the rear of her vehicle. The bodies of Jean Haley and Martha Williams were discovered at 21 Opechee Drive at about 8:11 a.m., local police said.

05 March 2017
China ups military spending
China, being the second biggest defense spender in the world, pales in comparison to the United States. China's claims in the South China Sea and East China Sea have caused a lot of concern in the region.

05 March 2017
Syria peace talks end on a positive note, says UN
The idea, he said, is to tackle the three main issues on the agenda - governance, constitution, elections - in parallel. Counter-terrorism was added to the agenda at the insistence of President al-Assad's delegation, according to the UN.

05 March 2017
Oil prices under pressure after historical high for USA crude stocks
Rising output also helps explain the big increase in US crude exports and the continued high level of domestic crude stocks. Stocks also continued to build in China and volumes of oil stored at sea increased.

04 March 2017
DOL Calls For 60-Day Delay To Fiduciary Rule Implementation
The Labor Department will now take comments for 15 days on whether to finalize the proposed extension. The Financial Services Roundtable, a lobbying group, issued a statement praising the delay.

03 March 2017
US Strikes in Yemen Target al-Qaida in the Arabian Peninsula
Throughout the years, the US has depended on drone strikes in hunting down al-Qaida's top leaders and operatives. Trump lied and said that the Yemen raid was an operation that had been planned by the Obama administration.

03 March 2017
Active Volume Stock: Office Depot, Inc. (NASDAQ:ODP)
The stock is now moving above its 20-Day Simple Moving Average of -8.32% with the 50-Day Simple Moving Average of -8.32 percent. According to their observations and findings, the stock could provide a high EPS of $0.08/share and a Low EPS of $0.04/share.

03 March 2017
Manchester City coach Pep Guardiola rules out Joe Hart return
Guardiola and City have stated they want the Argentine to stay at the club, but the striker says they've not told him this. It was a display that had Guardiola purring.



Recommended