RadioShack, the place where generations of Americans have shopped for everything from radio-controlled cars to computers to electronic components, appears to be headed for bankruptcy protection.
According to a report published Jan. 14 in The Wall Street Journal, the Fort Worth, Texas-based electronics retailer will file for bankruptcy protection as early as February. 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.
Reached via email, a spokesman for the company declined comment on the potential bankruptcy.
The Wall Street Journal”™s report says the company is in negotiations with a private equity firm that may buy its assets, though a deal is not certain. If an asset purchase deal were not reached, the company could restructure itself in bankruptcy or face liquidation.
In the past year, RadioShack”™s stock, which trades on the New York Stock Exchange, has tumbled from a high of $2.72 per share on March 3 to about 26 cents per share Friday morning. The company announced losses of $114.1 million for the third quarter of 2014.
