Struggling electronics retailer RadioShack has filed for Chapter 11 bankruptcy protection and says it will sell up to 2,400 stores. The Fort Worth, Texas company said today that it was also having discussions to sell all of its remaining assets. RadioShack Corp. introduced one of the first mass-market personal computers and used to be the go-to stop for consumers' home electronics needs. But it struggled as shoppers increasingly shifted to making purchases online and growth in its wireless business slowed. It has suffered years of losses. The New York Stock Exchange suspended trading of its shares on Monday and sought to delist it. The NYSE requires companies meet certain market capitalization thresholds to remain on the exchange.
RadioShack had warned of a possible bankruptcy in September, but received rescue financing that kept it afloat. Still, its CEO recently cautioned the chain might not be able to find a long-term plan to stay in business. RadioShack worked hard on its turnaround efforts, hiring Walgreen Co. executive Joseph Magnacca as its CEO and former Treasury Department adviser Harry Wilson as chief revitalization officer. It also developed relationships with popular brands like Beats Audio and redesigned almost half of its US locations—some 2,000 stores—in an effort to entice younger shoppers. The company, which has not turned a profit since 2011, still operates nearly 5,500 stores and employs about 27,500 people worldwide, according to its last annual report filed with the US Securities and Exchange Commission. (More RadioShack stories.)
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