Long struggling electronics retailer, Radio Shack, has finally succumbed, filing for Chapter 11 Bankruptcy. Here is more from the Dallas-Fort Worth NBC Affiliate…
Struggling electronics retailer RadioShack has filed for Chapter 11 bankruptcy protection and says it will sell up to 2,400 stores.
General Wireless, a subsidiary of Standard General, RadioShack’s largest shareholder, has agreed to buy 1,500 to 2,400 of the company’s U.S. stores. As part of the bankruptcy plan, Sprint may open mini-shops in as many as 1,760 of the acquired RadioShack stores.
The company, which has not turned a profit since 2011, still operates nearly 5,500 stores and employs about 27,500 people worldwide, according to its last annual report filed with the U.S. Securities and Exchange Commission.
RadioShack, which was founded in Boston in 1921, started as a distributor of mail-order ship radios, ham radios and parts. In the 1950s, it entered the high-fidelity business, touting a device called the “Audio Comparator,” a then-novel switching system that allowed the customer to mix and match components and speakers in the listening room.
In 1977, the chain started selling the TRS-80, known affectionately by its users as the “Trash 80,” making the RadioShack as important in microcomputers as IBM or Apple.
Sadly, it seems that online suppliers and bog box competition finished off Radio Shack. Hopefully, the workforce will find other employment.
H/T: IOwnTheWorld Report