Radioshack has been around for 94 years. This might be their final year in business.
The electronics retailer has announced that it has filed for Chapter 11 bankruptcy. They have made a deal with wireless service provider Sprint. As part of the deal, RadioShack will sell up to 2,400 of its 4,000 stores to Sprint and hedge fund Standard General, with most of its other locations shuttering entirely. In up to 1,750 stores, the RadioShack brand will remain intact through a “store within a store” agreement with Sprint.
In a statement made by Sprint, they stated: “Under the terms of the new agreement, Sprint would effectively operate a store within a RadioShack store, occupying approximately one-third of the retail space of each location. Sprint employees will sell mobile devices and plans on all Sprint brands including Boost and Virgin Mobile. The stores will be co-branded with Sprint being the primary brand on storefronts and in marketing materials.”
Radioshack has 27,500 employees.