Friday, March 17, 2017
Done For Good? RadioShack Closing 187 After Filing Second Bankruptcy.
In 2015, Radio Shack filed for bankruptcy and closed nearly 2,500 stores, everyone thought that was the end for the Shack, a bad marketing turn around a year earlier didn't save them, but Sprint took over many locations and co-branded them, two years later, Radio Shack has filed its second bankruptcy and will close 187 more stores as soon as the end of this month. For many chains, that is a huge blow to there retail footprint, but for Radio Shack, this is only 9% of nearly 1,950 stores.
Radio Shack is based in Fort Worth, Texas, and according to USA Today, General Wireless is a joint venture of hedge fund Standard General and Sprint, who purchased over 1,500 stores then, and will continue to operate the remaining locations through another round of closures. A decision in filing chapter 11 again, 187 stores will closes, as liquidation sales have already began, and 360 "Radio Shack portions" of stores will close, leaving Sprint independent. Leaving in question if that is what will happen to the remaining 1,000 stores.
This is very unfortunate as Sprint might decide to close all the remaining Radio Shack stores soon as the second filing is worked out through court and the dept and asset's are put into account.
Thank you for reading and continue to follow us on Facebook.
Posted by john bozic