Travel back in gadget time with RadioShack

RadioShack has filed for its second bankruptcy in two years, placing the future of its remaining stores in doubt.

The company says the item will move to close 0 of its 1,500 stores immediately along with also is usually “evaluating options” for the rest. The company has about 5,900 employees, according to a bankruptcy filing Wednesday night in federal court in Delaware.

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The company first filed for bankruptcy in March 2015, along with also closed about half the stores the item had then.

RadioShack tried to keep the brand going after its first bankruptcy by teaming with wireless provider Sprint (S). The co-branded stores had Sprint mini-stores inside. RadioShack cut operating expenses by about a quarter, however the item wasn’t enough to turn the business around.

CEO Dene Rogers said weak mobile phone sales along with also various other factors left Chapter 11 bankruptcy as the “best path forward.” Chapter 11 allows a company to restructure along with also remain in business, however the item does not guarantee a company will survive.

Sprint said of which the item has already reached an agreement with RadioShack to convert several hundred stores into Sprint-owned stores, along with also of which the item will be able to provide jobs at various other locations for any Sprint employees working at a store of which closes. the item said of which RadioShack’s bankruptcy will not have a material impact on its own financial results.

Related: JCPenney to close up to 140 more stores

RadioShack once had more than 5,000 stores within the United States. the item bragged of which there was a store within a few miles of where 0% of the population lived or worked. however in an age of growing competition via online retailers such as Amazon (AMZN, Tech30), traditional brick-along with also-mortar stores are in trouble.

Retailers have announced plans for hundreds of store closings just This particular year. On Thursday morning, the office supply store Staples (SPLS) announced the item was closing 70 more stores, or about 4.5% of its total, within the face of a loss along with also declining sales.

Related: Sears along with also Kmart closing 150 stores

The electronics field has been particularly hard hit. Circuit City filed for bankruptcy in 2008 along with also then went out of business. Federal statistics show of which almost 6,000 electronics along with also appliance stores have closed within the United States within the past decade, or more than one in 10.

sy88pgw (fresh York) First published March 9, 2017: 7:55 AM ET


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