RadioShack Corp. has filed for Chapter 11 bankruptcy protection in Delaware federal court, though it appears the RadioShack name will live on.
Founded in 1921, RadioShack has 27,000 employees at 4,400 stores across the U.S. and Mexico, including 11 stores in Westchester County and one in Fairfield County, according to the chain”™s website.
Sprint and hedge fund Standard General reached an agreement to buy between 1,500 and 2,500 RadioShack stores across the country, though they could be outbid for the stores in an auction that will be overseen by the court. The remaining RadioShack stores would be closed. The status of the 11 RadioShack stores in Westchester, as well as the one in Fairfield County, remains unknown.
Standard General is one of RadioShack”™s largest shareholders and helped the chain refinance its debt last year, providing $120 million in liquidity, according to The New York Times Dealbook.
RadioShack”™s bankruptcy petition listed $1.2 billion in assets against $1.4 billion in liabilities.
