RadioShack Weighing Bankruptcy
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Comments 6
Sep 11, 2014, 10:46 AM by Eric M. Zeman
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. It has lost money 10 quarters in a row as electronics buyers shun the chain for larger retailers or the web. Filing for bankruptcy would help protect RadioShack's remaining cash reserves, and could set the stage for a reorganization of the firm. The company is also weighing taking on investments and cited liquidation as a last resort. Earlier this year RadioShack announced plans to close 1,100 stores, but later reduced that number to 200 after investors balked. RadioShack sells wireless service from AT&T, Sprint, and Verizon Wireless, as well as several prepaid brands.
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Couldn't have happened to a nicer company.
I used to work for them as an associate and as a manager. They continually lowered the commission so that they can keep more and more money. They would have the dumbest sales presentations. At one point they wanted you to lean on something to talk to a customer because it was supposed to make the customer feel at ease. When I first started we had to hound people about cellphones and after a few years we were supposed to tell the customer about cellphones for next time so that they don't feel pressured. They would indiscriminately fire great managers for no reason.
I started working there just after they decided to not have smart people working there and instead hired kids who didn't know anything about electronics. My district man...
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that sucks
It sucks how badly radioshack is doing. When I worked at the shack, the only other competing store in town was walmart. Radioshack prices are not overpriced. Radioshack brand is more expensive than walmarts brand, but you are getting a much higher quality item. We often had better prices on name brand things. What also kills the store are the people who come in and ask questions about things and then go buy them at walmart.... I think people will miss the stores once they are gone.
Long time coming. Continuous degradation of parts/accessories availability, loosening training requirements (in the old days, you actually had to learn stuff to work there), dumbing-down of the target market (used to appeal to moderate tinkerers, but ...
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I love Radioshack for the random cables that I need at times. Haven't personally shopped there for something in a while though. Surprised the one by me has stayed open for so long to be honest.
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