RadioShack files for bankruptcy again; plans to close 200 stores

RadioShack announced this week that it has filed for bankruptcy again and plans to close 200 of its 1,500 stores across the country.

The company, which emerged from bankruptcy nearly two years ago, said it is “evaluating options on the remaining 1,300” stores.

DEAL ALERT: These stores are closing in Palm Beach County

Founded in 1921, RadioShack is owned today by General Wireless Operations Inc., which acquired the storied brand in April 2015.

RadioShack has 6 locations in Palm Beach County.

“For nearly 100 years, RadioShack has proudly served local communities across the United States, offering consumers unique, high-quality products at a great value,” said Dene Rogers, RadioShack’s President and Chief Executive Officer. “Over the course of the past two years, our talented, dedicated team has worked relentlessly in an effort to revitalize the Company and the RadioShack brand, while providing outstanding service to our customers.”

Rogers pointed to sluggish sales in Wednesday’s bankruptcy announcement.

“For a number of reasons, most notably the surprisingly poor performance of mobility sales, especially over recent months, we have concluded that the Chapter 11 process represents the best path forward for the Company,” he said.  “We will continue to work with our advisors and stakeholders to preserve as many jobs as possible while maximizing value for our creditors.”

RadioShack is the latest in a series of retailers to announce store closings amid a surge in online buying.

Hhgregg, JCPenney, Macy’s and Family Christian, BCBG Maxazria, and American Apparel have all announced closures in recent weeks.

 

 

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