RadioShack files for bankruptcy, again, placing future in doubt
This is the second time in a span of 2 years that the company has filed for bankruptcy. The company plans to close 200 of its 1,500 stores nationwide at some point in the bankruptcy process.
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.
RadioShack originally filed Chapter 11 in February 2015 after struggling to compete with online retailers and big box chains.
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. Sprint and RadioShack signs shared the front of stores as the Overland Park-based wireless carrier hoped the quick and low-priced expansion of its retail footprint would help attract subscribers. In the petition, the company said it will close an initial 187 stores by around March 13 and an additional 365 RadioShack locations will either be transferred to Sprint or closed by March 31.
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But, in the years since RadioShack has emerged from bankruptcy, both Sprint and RadioShack have been challenged. According to Bloomberg, Sprint is working with General Wireless to convert several hundred locations into Sprint stores.
Sprint, whose network is viewed by analysts as inferior to the country's largest carriers, Verizon Communications Inc and AT&T Inc, has been forced to offer heavy discounts to grow its business.
"Sprint mobility sales dropped off precipitously in the fourth quarter of 2016, following the US presidential election, calling the original arrangement into question", Rogers said in the document.
The shift away from selling other retailers' products to its own has helped it reduce operating expenses and increase gross profit.
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