RadioShack has officially filed for Chapter 11 bankruptcy, signaling the darkest chapter yet for one of America's most storied specialty electronics chains. As part of the filing, RadioShack says it will sell off up to 2,400 of its 4,000 US stores. Many underperforming locations will close for good, but RadioShack's brand will live on through a store-in-a-store agreement with Sprint and Standard General, who will be purchasing many of the retailer's current shops.
The ailing retailer was expected to close some 500 stores early last year, but shrinking revenues and underwhelming performance caused the company to bump this figure to 1,100 in a bid to save money. That plan was stymied, however, when RadioShack's lenders blocked the deal....
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