Published: Fri, March 10, 2017
Science | By Kerry Wheeler

RadioShack Second Bankruptcy to Close 200 Stores, Sources Say

RadioShack Second Bankruptcy to Close 200 Stores, Sources Say

The Texas based electronics retailer filed the petition in bankruptcy in DE on Wednesday.

RadioShack's CEO says the company will close about 200 stores and is evaluating the status of the remaining 1,300 stores.

"For a number of reasons, most notably the surprisingly poor performance of mobility sales, especially over recent months, we have concluded that the Chapter 11 process represents the best path forward for the company, "said Dene Rogers, RadioShack's President and Chief Executive Officer".

General Wireless filed for Chapter 11 bankruptcy court protection in DE on Wednesday evening.

When RadioShack Corp. entered Chapter 11 two years ago, it closed about half of its 4,000 stores and sold 1,700 to creditor Standard General LP, which teamed up with Sprint to form General Wireless. However, "the Sprint relationship did not yield the benefits that (General Wireless) had anticipated".

While the company wouldn't immediately confirm whether the Staten Island stores are closing, an employee at the store at 1351 Forest Ave., Port Richmond, confirmed the two store closures.

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Bloomberg reported that General Wireless created a financing package in 2015 that included a $50 million asset-backed credit line, led by RBC Capital Markets, and another $25 million term loan from Great American Capital Partners. The walkie-talkies were one of the few specialty products of RadioShack.

RadioShack once had more than 5,000 stores in the United States.

RadioShack is a company that has been operating and doing business for over 100 years now.

Several RadioShack stores in the Harrisburg region were part of the round of closings in 2015.

In a memo posted online, Sprint said it would convert several hundred stores into Sprint corporate-owned stores and redeploy signage, displays and inventory from other locations to other Sprint locations.

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