Maximum PC: If you're the nostalgic type, you may want to visit your neighborhood RadioShack store and savor the moment, it may be the last. That's because RadioShack is planning to close down 1,100 retail locations in the U.S. that are "underperforming," which will leave the electronics chain with 4,000 remaining stores stateside (including over 900 dealer franchise locations). Though that's a lot of store closures, RadioShack is confident it can turn things around.
Bids beginning at $20 million will be taken for the RadioShack name now that the company is in bankruptcy. Standard General, the largest RadioShack shareholder, has asked the US Bankruptcy Court to allow it to lead the bidding on March 23 at an auction.
RadioShack's current plans are still not entirely clear. We now know the name of the company will not continue since it is being sold.
I've only been to radio shack once in my life. I bought some obnoxiously large battery for a science project. I must have been 12 or so, thats it.
I would have a tough time justifying $20 for the Radio Shack name, let alone $20 million.
Bloomberg: RadioShack Corp. is preparing to shut down the almost-century-old retail chain in a bankruptcy deal that would sell about half its store leases to Sprint Corp. and close the rest, according to people with knowledge of the discussions.
Maximum PC: Any nerd over the age of twenty can probably remember a time he or she would frequent the local RadioShack. It was the go-to shop for electronics and geek fare, though we're talking a lifetime ago in tech years. Fast forward to today and there are reports that RadioShack is headed for a bankruptcy filing, perhaps as early as the first week of February. Sadly, we can't say we're surprised.
It's overpriced and has low knowledge employees despite being a specialty shop. I don't think many people will miss (the modern) Radioshack.
