RadioShack to close hundreds of stores in new bankruptcy
Published 1:40 pm, Thursday, March 9, 2017
As expected, RadioShack filed for chapter 11 bankruptcy protection from creditors, outlining plans to close about 190 stores of 1,500 nationally in the coming few weeks and find buyers for hundreds more — or shutter them if unsuccessful.
RadioShack is based in Fort Worth, Texas, with owner General Wireless controlled by Sprint and the New York City-based hedge fund Standard General. The retailer has nine stores in southwestern Connecticut in Danbury, Fairfield, New Canaan, Stamford, Westport and Wilton, which have posted signs proclaiming “everything must go” and clearance prices of up to 50 percent.
“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,” said Dene Rogers, CEO of RadioShack, in a written statement. “We will continue to work with our advisors and stakeholders to preserve as many jobs as possible while maximizing value for our creditors.”
Alex.Soule@scni.com; 203-964-2236; www.twitter.com/casoulman