RadioShack files for bankruptcy again, will close about 200 stores

Melba UnderwoodMar 10, 2017

Struggling consumer electronics chain RadioShack has filed for bankruptcy for the second time in just over two years.

The chain dealing in electronics in the United States, RadioShack Corp has filed for bankruptcy on Wednesday.

The company did not provide information on whether any of its Long Island stores would be affected.

According to Rogers, RadioShack past year integrated FedEx pickup/drop-off into 140 locations, delivered over 700,000 Hulu login pins to customers, and sold more than a million RadioShack private brand headphones and speakers. Five other Long Island stores were recently vacated, according to court documents.

Several hundred stores will be converted to Sprint stores, CNN reported. Sprint and RadioShack signs shared the front of stores as the Overland Park-based wireless carrier hoped the quick and low-priced expansion of its retail footprint would help attract subscribers.

RadioShack was founded in 1921. 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. Federal statistics show that nearly 6,000 electronics and appliance stores have closed in the United States in the past decade, or more than one in 10. "Debtors will continue to evaluate options during these [bankruptcy] proceedings", the bankruptcy documents note.

RadioShack has retained Melville-based commercial real estate and investment group A&G Realty Partners to manage the sale of store leases.

In his declaration to the court, Rogers - who took over as CEO last April - said RadioShack made considerable improvements to its operations by the end of previous year and its core retail business "had turned a corner and become profitable".

But Rogers says several reasons, including a partnership with wireless carrier Sprint that proved not to be as profitable as expected, prompted the latest bankruptcy filing.

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