RadioShack Files for Chapter 11
/For the second time in 2 years, electrical retailer RadioShack has filed for chapter 11 bankruptcy, placing the remaining 1743 stores at risk of closure.
“RadioShack.com, stores and dealer locations across the country are still currently open for business and serving customers.
The Company is closing approximately 200 stores and evaluating options on the remaining 1,300. The Company and its advisors are currently exploring all available strategic alternatives to maximise value for creditors, including the possibility of keeping stores open on an ongoing basis.”
The current owner of RadioShack, purchased from the 2015 bankruptcy process, General Wireless planned to rebrand a majority of the stores with cell service Sprint. Despite reducing operating costs, weak sales, including cell phones triggered the decision.
“RadioShack did more to spread the early technology culture in the US than any other commercial institution. Its catalogue was the Boys’ Life of electronics.”
Dating its founding to 1921, RadioShack once offered a considerable array of name-brand Amateur Radio equipment — even beams and towers — along with home entertainment gear and discrete components — including transistors, resistors, and capacitors. Its iconic 1960s-era catalogue ran to more than 300 pages. In later years, it sold a fairly popular 2-meter handheld transceiver for a time, as well as Citizens Band equipment, 10-meter single-banders, and shortwave receivers. RadioShack’s website is announcing a clearance sale, with some items steeply discounted.
