RadioShack poised to closes stores
ST. LOUIS (KTVI) – After nearly a century in business RadioShack is reportedly planning to sell half its stores and close the rest.
Last year RadioShack closed hundreds of stores in an attempt to restructure and reverse a string of losses. In the greater St. Louis area there more than 40 stores still open.
Radio shack is reportedly planning to sell half of its stores to Sprint and then close the rest. The locations sold to Sprint would operate under the wireless carrier’s name, meaning RadioShack h would cease to exist as a standalone retailer.
Some sources also say Sprint and RadioShack have been discussing co-branding the stores.
The Wall Street Journal reports these moves come amid a planned bankruptcy auction for RadioShack. Adding to the mix is Amazon as it continues the move to building upon its click to brick business.
Amazon has considered using the RadioShack stores as showcase for the company’s hardware as well as pickup and drop off centers for online customers.
There’s also the possibility of an another bidder could emerge that would buy RadioShack and keep it operating, much like what Chinese buyers did when they took Brookstone out of bankruptcy.
The New York Stock Exchange has suspended trading of the stock and delisted the stock.