Electronics store RadioShack files for bankruptcy again
- Author: Regina Walsh Mar 10, 2017,
Mar 10, 2017, 0:41
The troubled electronics retailer has filed for bankruptcy - again.
General Wireless Operations, the successor to RadioShack, filed for Chapter 11 protection, as expected.
RadioShack's owners could be facing its second bankruptcy since 2015 as it prepares to close some 200 stores.
The wireless carrier had partnered with Radioshack after its first bankruptcy.
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Privately-held General Wireless Operations (d/b/a RadioShack) and three affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of DE, lead case number 17-10506. In a statement, RadioShack said it would explore all available strategic alternatives to maximize value for creditors, including keeping stores open on an ongoing basis.
"The Sprint relationship did not yield the benefits" RadioShack was anticipating, it said. The 1743 retail outlets that survived RadioShack's 2015 bankruptcy were acquired by General Wireless Inc, an affiliate of Standard General LP, which, at the time, received US Bankruptcy Court approval to acquire the inventory and assume the leases of the RadioShack stores. This week, the company formed to keep the brand going sought permission from the bank to close between one-third and all of its stores. It listed liabilities and assets in the range between 100 million dollars and 500 million dollars in the court for bankruptcy in the district of DE of United States. RadioShack also has closed more stored and slashed operating expenses by more than 20%, but it wasn't enough.
Sprint began pulling its wireless product displays from some RadioShack stores in recent days in a sigbn that the partnership was crumbling. 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.