RadioShack Successor Enters Bankruptcy as Retail Woes Persist

RadioShack Successor Enters Bankruptcy as Retail Woes Persist

RadioShack Successor Enters Bankruptcy as Retail Woes Persist

Bay City's last RadioShack is closing at month's end as the well-known electronics retailer has filed for bankruptcy again.

The reorganization plan calls for the shutting of 187 stores by Monday; the sale to Sprint or closure of another 365 stores by March 31; and an evaluation of the remaining 1,000 locations, with an option to liquidate.

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In an attempt to keep the doors open on 1,740 stores, RadioShack struck a partnership with Sprint during its bankruptcy, inviting the mobile carrier to co-brand with the company and set up smaller stores within its own.

General Wireless Operations has operated the Fort Worth-based consumer electronics chain as a slimmed-down private company since it was purchased out of bankruptcy in 2015 by the Standard General hedge fund.

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RadioShack is a company that has been operating and doing business for over 100 years now. The Sprint partnership also was meant to give the stores an edge.

"We will redeploy to other Sprint stores assets such as signage, displays and inventory now at RadioShack locations which are closing", Sprint said in its statement, adding existing Sprint employees will transfer to those stores.

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", stores and dealer locations across the country are still now open for business and serving customers", the company said in a news release. 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. But in an age of growing competition from online retailers such as Amazon, traditional brick-and-mortar stores are in trouble. On Thursday morning, the office supply store Staples announced it was closing 70 more stores, or about 4.5% of its total, in the face of a loss and declining sales. Federal statistics show that nearly 6,000 electronics and appliance stores have closed in the United States in the past decade, or more than one in 10.

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