RadioShack to Close Yet More Stores
RadioShack today said it plans to close as many as 200 more stores as its turn-around efforts stall. In March, the company announced it would close 1,100 stores by the end of the year. The closures combined will leave RadioShack with about 3,800 stores operating in the U.S. The company blamed its woes on poor sales of smartphones. RadioShack is in the process of updating both its image and its sales strategy with a focus on electronic entertainment devices. It sells devices from AT&T, Sprint, and Verizon Wireless.
Sprint May Scoop Up Half of RadioShack's Stores
RadioShack and its creditors might sell half the company's stores to Sprint and close the remaining locations, reports Bloomberg. Sources familiar with the companies' plans suggest Sprint would rebrand the RadioShack stores, which would cease to exist as stand-alone electronics stores.
Judge Approves Sale of RadioShack Stores
A U.S. judge has given RadioShack permission to sell its 1,740 stores to Standard General, a hedge fund that plans to operate the stores with Sprint.
RadioShack Declares Bankruptcy, to Sell Stores to Sprint
RadioShack today filed for Chapter 11 bankruptcy protection and signed an agreement to sell approximately 1,750 of its stores to Sprint. Under the terms of RadioShack's Chapter 11 filing, RadioShack will sell the stores to Sprint and General Wireless, a subsidiary of one of RadioShack's major investors.
RadioShack Weighing Bankruptcy
RadioShack is considering whether or not to file for Chapter 11 bankruptcy protection as its cash reserves dwindle. The company ended its most recent quarter with just $30.5 million in cash on hand, with debts totaling $658 million.
From the article:
"In March, the company said it would close as many as 1,100 of its more than 4,000 shops, but its lenders limited the closures to just 200 stores. RadioShack (RSH) will focus instead of remodeling some of its existing properties and rebranding."
They will be sorely missed
Maybe Radio Shack should stop trying to compete in the crowded cellphone space and get back to the basics. They could expand beyond electronics and become the one-stop shop for enthusiasts. Maybe something like Radio Shack, Fry's, Hobby Lobby, and Michael's all rolled into one. They should try to set themselves apart by becoming DIY paradise, imho.
This is just the loss...
Lower Prices = Higher Sales
They're not relevant anymore -- unfortunate to think that all those people will be out of a job though :-(
this is funny
Obligatory post from The Onion
http://www.theonion.com/articles/even-ceo-cant-figur ... »