The nearly 100-year-old retailer once popular with electronic hobbyists will close about 200 stores and evaluate options for the remaining 1300 outlets. Fred Katayama reports.
RadioShack filed for bankruptcy ... again. The nearly 100-year-old retailer once popular with hobbyists for its electronics parts and walkie-talkies filed for Chapter 11 for the second time in two years Wednesday night. It'll close about 200 stores and evaluate options for the other 1300 in its chain. And some of the stores will be converted into Sprint-owned stores. Its owner, General Wireless tried to revive RadioShack's fortunes by partnering with Sprint during its first bankruptcy, co-branding with the wireless carrier and allowing it to set up smaller stores within its stores. But its relationship with Sprint, which has been offering heavy discounts to compete against Verizon and AT&T, soured. RadioShack says Sprint's weak performance led its sales to drop "precipitously" towards year end. RadioShack has recently been expanding its own lineup of private label products, but it struggled to compete against cheap imported consumer goods and against the likes of Amazon as shoppers sought deep discounts.