The falling of an iconic company in the US, radio-shack is done. Thursday they filed chapter 11 and closed over half of their stores.
NEW YORK (CNNMoney) — Nearly a century after it opened its first store and sent out its first catalog, RadioShack declared bankruptcy on Thursday.
It has struck a deal to sell up to 2,400 of its approximately 4,000 stores. Wireless company Sprint will create a “store within a store” in up to 1,750 of those.
RadioShack said the remaining stores are expected to close.
The company’s franchise locations, as well as stores in Mexico and Asia, are not included in the deal.
The bankruptcy announcement is no surprise. The New York Stock Exchange suspended trading of its shares on Monday. And RadioShack workers have told CNNMoney that some locations have already been converted to clearance stores.
It’s been a long, slow decline for RadioShack. Losses have been mounting, and in its latest quarter sales plunged 16% from a year ago.