Here is the Web 360 version of the Radioshack Bankruptcy
RadioShack Corp., the 94-year-old consumer-electronics chain, filed for bankruptcy with a plan to turn about half of its 4,000 stores into Sprint Corp. locations and close the rest. Read more…
RadioShack listed assets of $1.2 billion and liabilities of $1.39 billion in its bankruptcy petition in a Delaware court. The company warned in September that it could file for bankruptcy protection if talks with lenders and stakeholders about a sale or a restructuring failed. Read more…
But RadioShack is not completely going away. Customers will still be able to purchase RadioShack products, services and accessories at the approximately 1,750 stores where Sprint will open shop. In fact, Sprint will occupy just one third of those locations, where it will sell devices and plans. The stores will be “co-branded,” according to a Sprint spokeswoman. Read more…
Other potential buyers will also have the opportunity to bid on RadioShack assets. Any deal will need approval by the U.S. Bankruptcy Court in Delaware, so nothing is etched in stone. Sprint’s chief executive, Marcelo Claure, in a statement said the deal will “allow Sprint to grow branded distribution quickly and cost effectively.” Read more…
The bankruptcy proceeding means that the rest of the stores will likely close, although the company said it is in talks to sell the rest of its assets. Amazon was reportedly also interested in scooping up some of the stores. RadioShack has 1,000 dealer stores in 25 countries, stores operated by a Mexican subsidiary and Asia operations which are not affected by the Chapter 11 filing. Read more…
