FORT WORTH -- 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.
General Wireless Operations has operated the Fort Worth-based consumer electronics chain as a slimmed-down private company since it was purchased out of bankruptcy in 2015 by the Standard General hedge fund. The new company was run in partnership with Sprint, which set up displays inside RadioShack stores to sell wireless products and services.
The Chapter 11 filing was made in U.S. Bankruptcy Court in Delaware. In a statement, RadioShack said it would explore all available strategic alternatives to maximize value for creditors, including keeping stores open on an ongoing basis.
“Since emerging from bankruptcy two years ago as a privately owned company, our team has made progress in stabilizing operations and achieving profitability in the retail business, while our partner Sprint managed the mobility business,” said Dene Rogers, RadioShack’s president and chief executive officer.. “However, for a number of reasons, most notably the surprisingly poor performance of mobility sales, especially over recent months, we have concluded that the Chapter 11 process represents the best path forward for the Company.”
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