RadioShack Files for Bankruptcy, Sell Up to 2,400 Stores
February 5th, 2015I have lots of fond childhood memories of RadioShack, although I don’t know how it has survived for about the last two decades.
Via: Reuters:
Electronics retailer RadioShack Corp (RSHC.PK) filed for U.S. bankruptcy protection on Thursday and said it had a deal in place to sell as many as 2,400 stores to an affiliate of hedge fund Standard General, its lender and largest shareholder.
Wireless company Sprint Corp (S.N) would operate as many as 1,750 of those stores under an agreement with Standard General, Sprint said separately.
RadioShack’s bankruptcy, which has been expected for months, follows 11 consecutive unprofitable quarters as the company has failed to transform itself into a destination for mobile phone buyers. But its sale agreement with Standard General could spare it the fate most retailers suffer in Chapter 11, liquidation.
RadioShack said in a statement that the Standard General affiliate, called General Wireless, will acquire between 1,500 and 2,400 of its more than 4,000 stores.
Sprint would occupy about one-third of each RadioShack store, selling “mobile devices across Sprint`s brand portfolio as well as RadioShack products, services and accessories,” Sprint said in its statement.
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.
I remember it fondly too. Ever play around with one of these?
http://www.alliedelec.com/images/products/Large/70235137_large.jpg
I wonder if my dad has our old breadboard kits in a box somewhere…
10 PRINT “RATSHACK IS RAD!”
20 GOTO 10
I had the Radio Shack Crystal Radio Kit.
The first computer I ever used was a TRS80 at school.
https://www.youtube.com/watch?v=7kT207Jmhq4
We saved BASIC programs to cassette tapes. haha.
Then the school got an Apple //e and we all crowded around that. Then they got a bunch more //es and we started calling the TRS80 the trash80.