RadioShack to close 200 stores
- Author: Joe Gonzales Mar 10, 2017,
Mar 10, 2017, 0:42
Founded in 1921, RadioShack is owned today by General Wireless Operations Inc., which acquired the storied brand in April 2015.
The store's website said 185 RadioShack's are closing this week.
The Fort Worth Star-Telegram wrote Monday that Sprint had removed its wireless product displays from some area RadioShack stores there.
The company announced it's closing approximately 200 stores and is "evaluating options" about the remaining 1,300, said the retailer in a written statement.
Rogers said in his filing that Sprint's mobility sales plummeted in its recent fourth quarter, whose results the wireless provider is expected to release on Friday, so it does not expect to receive the agreed-upon commissions for RadioShack.
"(Radio Shack) and its advisors are now exploring all available strategic alternatives to maximize value for creditors, including the possibility of keeping stores open on an ongoing basis", Radio Shack said in a release announcing the bankruptcy filing. 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.
RadioShack is a company that has been operating and doing business for over 100 years now.
The companies had teamed up in 2015 after the troubled electronics retailer was emerging from a bankruptcy reorganization. At least some of RadioShack's 5,900 employees could be affected. "We will redeploy to other Sprint stores assets such as signage, displays and inventory now at RadioShack locations which are closing", Crull's statement said.
RadioShack.com, stores and dealer locations across the country are still now open for business and serving customers. Sprint had to consistently lower its prices in order to lure the customers and this made the marginal profits extremely less.