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New York - RadioShack May Close, Sprint To Get Half Of Chain

Published on: February 2, 2015 06:50 PM
By: Reuters
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FILE - A RadioShack store is pictured in the Manhattan borough of New York January 15, 2015. REUTERSNew York - Troubled electronics retailer RadioShack Corp is preparing to shut down the chain in a bankruptcy deal that would see half the stores taken over by Sprint Corp, Bloomberg News reported, citing people with knowledge of the discussions.

The rest of the stores would close down, Bloomberg said. (http://bloom.bg/16aNrZw)

Sprint and RadioShack have also had talks about co-branding the stores, Bloomberg reported, citing two anonymous sources.

Another bidder could yet emerge to buy RadioShack and continue operating the 94-year-old chain, Bloomberg said.

The Wall Street Journal reported on Sunday that Standard General, a hedge fund and the largest investor in RadioShack, was in talks to serve as the lead bidder at a bankruptcy auction.

RadioShack declined to comment on the Bloomberg report and said it had not confirmed any of the information.

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Sprint declined to comment.

RadioShack warned last September it faced bankruptcy if talks with lenders and stakeholders about a sale or a restructuring failed. It was also threatened with delisting from the New York Stock Exchange last week.

The electronics retailer, once the operator of go-to shops for innovators and engineers for products ranging from vacuum tube speakers to the first mass-produced PC.

But the company has failed to transform itself into a destination for mobile phone buyers, losing out to rivals such Amazon.com Inc and Wal-Mart Stores Inc.

RadioShack said in October that it would seek to convert a loan of $120 million, given by investors including Standard General and Litespeed Management LLC, into equity “in the coming months”.

RadioShack shares were down 15.2 percent at $0.24.



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Read Comments (7)  —  Post Yours »

1

 Feb 02, 2015 at 07:20 PM bennyt Says:

Radio who? Are they still around?

2

 Feb 02, 2015 at 08:19 PM No-Fringe Says:

Who cares?

3

 Feb 03, 2015 at 08:10 AM yonasonw Says:

Reply to #2  
No-Fringe Says:

Who cares?

Who cares?

Many of us who were raised in the 50s and 60s, for whom Radio Shack was the source of the radio kits we built, our first transistor radios and short wave sets, radio controlled model airplanes and cars...and all matter of scientific experiment "toys."

Even today Radio Shack has remained a cost-competitive source of all sorts of electronica...I still drive tractor trailers occasionally, and I always get better deals on CBs, antennas and CB hardware at Radio Shack than anywhere else...better even than at truck stops.

4

 Feb 03, 2015 at 08:45 AM ModernLakewoodGuy Says:

Reply to #2  
No-Fringe Says:

Who cares?

The 10000 people who will be out of a job soon perhaps?

5

 Feb 03, 2015 at 11:15 AM Anonymous Says:

Reply to #2  
No-Fringe Says:

Who cares?

An insensitive remark. When thousands of people lose their jobs, including Yidden, all of us should care. Next time think before you write.

6

 Feb 03, 2015 at 02:01 PM Rafuel Says:

Creative destruction is merciless. Seems like not that long ago, Tower Records was my favorite store. And then there were all these goyisher bookstores (most of them owned by frier Jews, but that's another subject). But who is buying CD's anymore? Certainly not enough of us to keep brick and mortar stores going. Some bookstores are still coping, many other vanished, never to be replaced.

It's no different with RadioShack. What they used to sell back when they were an American institution nobody buys anymore. What they attempt to sell these days can be easily obtained either online or at stores with lower prices or at stores with more knowledgeable salesmen. (Anybody who ever had to deal with Radio Shack "experts" in the last 25 years, usually otherwise barely employable colored people, wouldn't want to go back.)

All we can do is hope that the laid off will find parnasah quickly.

7

 Feb 05, 2015 at 02:36 PM yonasonw Says:

Reply to #6  
Rafuel Says:

Creative destruction is merciless. Seems like not that long ago, Tower Records was my favorite store. And then there were all these goyisher bookstores (most of them owned by frier Jews, but that's another subject). But who is buying CD's anymore? Certainly not enough of us to keep brick and mortar stores going. Some bookstores are still coping, many other vanished, never to be replaced.

It's no different with RadioShack. What they used to sell back when they were an American institution nobody buys anymore. What they attempt to sell these days can be easily obtained either online or at stores with lower prices or at stores with more knowledgeable salesmen. (Anybody who ever had to deal with Radio Shack "experts" in the last 25 years, usually otherwise barely employable colored people, wouldn't want to go back.)

All we can do is hope that the laid off will find parnasah quickly.

Your statement "...Anybody who ever had to deal with Radio Shack "experts" in the last 25 years, usually otherwise barely employable colored people, wouldn't want to go back..." pasuls an otherwise thoughtful comment...as gratuitous racial remarks usually do.

8

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