Radioshack declares bankruptcy
NEW YORK — Nearly a century after it opened its first store and sent out its first catalog, RadioShack declared bankruptcy on Thursday.
It has struck a deal to sell up to 2,400 of its approximately 4,000 stores. Wireless company Sprint will create a “store within a store” in up to 1,750 of those.
RadioShack said the remaining stores are expected to close.
The bankruptcy announcement is no surprise. The New York Stock Exchange suspended trading of its shares on Monday. And RadioShack workers have told CNNMoney that some locations have already been converted to clearance stores.