Radioshack Filing for Bankruptcy, May Be Selling Half their Stores to Sprint
RadioShack hasn’t been relevant in over a decade, so it comes at no surprise that they are finally getting ready to close up shop. They are already in the process of filing Chapter 11 Bankruptcy, due to their declining sales. And according to a recent article over at Bloomberg, the company is actually in talks with Sprint to sell around half of their retail locations to Sprint. I’m not sure what Sprint would want with several thousand locations when they’ve been struggling to get a footing in the US after their Softbank acquisition, but the Japanese company seems to have a lot of money hedged on Sprint’s success.
Personally, I’ve been waiting for the day when RadioShack would finally close its doors. Every time I would stop into one to look at what they carried and the pricing, I really didn’t understand how they stayed in business to begin with. RadioShack was once the place to pickup small electronics, components, and cables, but with the decline in interest in that, they started carrying cell phones and overpriced electronics. They never really adapted to the internet age and became more and more irrelevant. It’s sad, though, because there are thousands of people who are about to lose their jobs due to this, and a lot of them are in the highest unemployment age bracket: 16-24.