10 March, 2017
This will leave it with 1,300 stores still open and it plans to evaluate what to do with these locations.
RadioShack's new owner filed for bankruptcy late Wednesday, just two years after the chain endured a major restructuring, saying it will close about 200 stores and explore options for the remaining 1,300.
With RadioShack filing for Chapter 11 bankruptcy and closing 1,500 stores, it's likely Staten Island's two Radio Shacks are on the hit list, according to a store employee.
Sprint sales dropped during the fourth quarter of 2016 and "it became apparent" RadioShack would not receive expected revenue from mobile commissions, the company said in its Chapter 11 filing. Since that time it has added "stores within stores" for Sprint products.
"(Radio Shack) and its advisors are now exploring all available strategic alternatives to maximize value for creditors, including the possibility of keeping stores open on an ongoing basis", Radio Shack said in a release announcing the bankruptcy filing.
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Several RadioShack's across the Greater Springfield area are closing their doors for good.
But, in the years since RadioShack has emerged from bankruptcy, both Sprint and RadioShack have been challenged. However, "the Sprint relationship did not yield the benefits that (General Wireless) had anticipated".
Sprint said it will retain part of the stores for itself. "We will redeploy to other Sprint stores assets such as signage, displays and inventory now at RadioShack locations which are closing", Crull's statement said.
RadioShack, meanwhile, has struggled to compete against internet behemoth Amazon.com and for the attention of shoppers who increasingly wait for deep discounts before making a purchase.
The shift away from selling other retailers' products to its own has helped it reduce operating expenses and increase gross profit.