RadioShack Has Filed for Chapter 11
Struggling electronics retailer RadioShack has filed for Chapter 11 bankruptcy protection and says it will sell up to 2,400 stores. The company was also having discussions to sell all of its remaining assets.
RadioShack had warned of a possible bankruptcy in September, but recieved rescue financing that kept it afloat.
The company, which has not turned a profit since 2011, still operates nearly 5,500 stores and employs about 27,500 people worldwide, according to its last annual report filed with the US Securities and Exchange Commission.