RadioShack files bankruptcy again; will close about 200 stores

In RadioShack's first bankruptcy case, General Wireless, formed through the partnership of Sprint and NY hedge fund Standard General, bought the debtor's assets out of Chapter 11 in summer 2015.

RadioShack announced on Wednesday that the company filed voluntary petitions under Chapter 11 in the United States Bankruptcy Court for the District of Delaware.

It proved less successful than at least RadioShack had hoped, and it is closing about 200 stores and evaluating options on the remaining 1,300.

He continued, "Since emerging from bankruptcy two years ago as a privately owned company, our team has made progress in stabilizing operations and achieving profitability in the retail business, while our partner Sprint managed the mobility business".




RadioShack closed 2,400 stores in its 2015 bankruptcy filing. The co-branded stores had Sprint mini-stores inside.

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. Locations were divided into "tranches" according to performance, beginning with 187 stores that began their store closing sales before the bankruptcy filing.

"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.

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. This includes reducing operating expenses by 23% in 2016 and gross profit dollars going up by 8% during that year.

(Copyright © 2015. All Rights Reserved.)
 
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