RadioShack Wants To Close Somewhere Between 530 And All Of Its Stores

Camille Francis
March 10, 2017

General Wireless Operations (GWO), the company that runs RadioShack's remaining 1,500 stores, has filed for Chapter 11 protection, plunging the iconic CE retail chain into bankruptcy for the second time in two years.

The bankrupt retailer agreed to sell its intellectual property to General Wireless, now doing business as RadioShack, in May 2015 for $26.2 million, while Standard General in April 2015 won approval to acquire a major portion of RadioShack's stores for $142 million.

On the other hand, the wireless provider Sprint has said that will be converting many hundreds of locations into corporate-owned Sprint stores and also said that the bankruptcy of RadioShack will not be affecting the results of sales of Sprint. The Company is closing approximately 200 stores and evaluating options on the remaining 1,300. RadioShack cut operating expenses by about a quarter, but it wasn't enough to turn the business around. GWO was counting on its share of commission payments, which were to kick in after Sprint realized its first $60 million from the in-store shops - projected to be achieved within a 12-month timeframe.

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"For a number of reasons... we have concluded that the Chapter 11 process represents the best path forward for the company", Rogers said Wednesday. However, house-brand products still under the original manufacturer's warranty will still be covered as long as there are still RadioShack stores to bring them to. "In an age of growing competition from online retailers such as Amazon, traditional brick-and-mortar stores are in trouble", CNN Money noted.

A list of which stores will close hasn't been determined yet, a spokesman told NJ Advance Media. Circuit City filed for bankruptcy in 2008 and then went out of business.

Radio Shack has not confirmed which stores will be closed.

Other reports by My Hot News

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