RadioShack files for bankruptcy a second time in 2 years
Mar 10, 2017, 00:41
It is "evaluating options" for the remaining 1,000 stores.
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 troubled electronics retailer has filed for bankruptcy - again.
In a statement, RadioShack president Dene Rogers said the company had improved its services and numbers in several sales areas since its restructuring, but couldn't avoid larger strategic hurdles. Others survived as part of an agreement with wireless carrier Sprint to open mini-shops to sell mobile devices and Sprint plans in RadioShack stores.
Several RadioShack's across the Greater Springfield area are closing their doors for good.
The chain dealing in electronics in the United States, RadioShack Corp has filed for bankruptcy on Wednesday.
In a separate statement, Sprint said its agreement with Radio Shack was created to protect it in the event of another bankruptcy. It had about 4,000 stores, and emerged from bankruptcy with about 1,700 stores. However, "the Sprint relationship did not yield the benefits that (General Wireless) had anticipated".
"It became apparent to the debtors that not only would they not receive the originally projected cash commissions in 2016, but they likely would not receive commissions from Sprint, even at a substantially reduced amount until 2018", Rogers said.
RadioShack, meanwhile, has struggled to compete against internet behemoth Amazon.com and for the attention of shoppers who increasingly wait for deep discounts before making a purchase.
Still, in the years since its first bankruptcy, RadioShack has focused on expanding its private label offerings, which include drones, radios and adapters, and now makes up the majority of its business.
The announcement comes even though RadioShack said it trimmed expenses by 23 percent past year while growing profit 8 percent, according to a news release Wednesday.
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