Friday, February 6, 2015
RadioShack Files For Chapter 11 Bankruptcy
Fort Worth-based electronics retailer RadioShack filed for Chapter 11 bankruptcy on Thursday afternoon, saying that it will sell 2,400 of its 4,000 stores to Sprint and hedge fund Standard General, which is RadioShack's largest shareholder. RadioShack said it has also file motion with the bankruptcy court to close the retailer's remaining, company-owned stores, hiring liquidator Hilco Merchant Resources. RadioShack also said it will put up its remaining assets up for bid. The filing comes after a long, steady decline for RadioShack, which--even after a big push through a 2014 Super Bowl and, remodeling, and an attempt to appeal to the DIY "Maker" market--failed to prove relevant to retail consumers.