This week, RadioShack, the U.S. electronics chain owned by General Wireless Operations, filed for bankruptcy protection again in a little over two years. RadioShack filed for Chapter 11 protection on Wednesday after its last effort to co-brand with Sprint to compete against their largest rivals, but failed to keep up with the change of consumer habits.
In 2015, General Wireless acquired the RadioShack brand to help RadioShack name live on the 2015 bankruptcy filing, at the same time, it cooperated with Sprint to run a store-within-a-store partnership. However, due to the lasting business pressures, such as the shift to e-commerce, and sluggish foot traffic, RadioShack filed for bankruptcy for the second time.
In the Chapter 11 petition, General Wireless planned to shut down 187 stores by March 13, and will close another 365 stores, or transfer the ownership of the stores to Sprint. In the Chapter 11 filing in 2015, RadioShack closed around 2,000 stores and sold 1,700 stores to creditor Standard General LP. General Wireless also listed assets and liabilities, both of $100 million to $500 million.
“Over the course of the past two years, our talented, dedicated team has worked relentlessly in an effort to revitalize the Company and the RadioShack brand, while providing outstanding service to our customers. We greatly appreciate their hard work and dedication,” Dene Rogers, the CEO and President of RadioShack, said in the statement.