End of an era. The retailer has been struggling for years.
AFP / Getty Images SAUL LOEB
RadioShack, after years of struggling, officially filed for bankruptcy today.
The company, which operates more than 4,000 stores, said in a statement that it will sell between 1,500 and 2,400 of its U.S. stores to an affiliate of hedge fund Standard General called General Wireless. Up to 1,750 of those locations will host a Sprint "store within a store," as per the statement.
RadioShack said the rest of its stores will be closed following liquidation sales. The company said it will update a restructuring portion of its website with a list of stores that will be closing once it knows more. No stores had been listed as of 6:15 p.m. in New York on Feb. 5.
The retailer said in filings today that it employs more than 21,000 people.
RadioShack has been in dire financial straits for years, struggling as competitors such as Best Buy, Wal-Mart and Amazon have grown in size and clout. Attempts to rebrand — including a brief stint as The Shack — didn't work, as customers ran out of reasons to visit the retailer based on changes in technology. In 2013, it brought in just $3.4 billion in sales, making it only slightly bigger in revenue than Urban Outfitters and smaller than Abercrombie & Fitch.
RadioShack's restructuring website currently reads: "Thank you for your interest in our recently announced restructuring. We intend to transition a portion of our stores to new ownership and begin a sale process for other company owned assets. Our domestic and international franchise stores are independently owned and are not part of our restructuring."
The electronics retailer traces its roots to both the Hinckley-Tandy Leather Company in 1919 and RadioShack in 1921. The two later become one entity under Tandy Corp.; the name officially changed to RadioShack Corp. in 2000, according to the company's website.
The restructuring portion of RadioShack's website doesn't contain a list of closing stores yet
RadioShack / Via radioshackcorporation.com
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