RadioShack files for bankruptcy for second time in 2 years

By the way, if you have any gift cards for RadioShack around, including cards for the original version of the company before the bankruptcy, you have until April 7, 2017 to cash them in [PDF].

Fort Worth, Texas-based RadioShack filed its petition in bankruptcy court in DE on Wednesday and said it will close about 200 of its more than 1,500 locations.

RadioShack's owners could be facing its second bankruptcy since 2015 as it prepares to close some 200 stores.

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But Rogers said several factors, including that the partnership with Sprint was not as profitable as expected, prompted the latest bankruptcy filing.

When RadioShack Corp. entered Chapter 11 two years ago, it closed about half of its 4,000 stores and sold 1,700 to creditor Standard General LP, which teamed up with Sprint to form General Wireless.

"The Sprint relationship did not yield the benefits" RadioShack was anticipating, it said. "We will redeploy to other Sprint stores assets such as signage, displays and inventory now at RadioShack locations which are closing", Crull's statement said. This week, the company formed to keep the brand going sought permission from the bank to close between one-third and all of its stores.

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RadioShack is a company that has been operating and doing business for over 100 years now.

At the time, Sprint viewed RadioShack's retail footprint as a way to quickly scale up its own business and RadioShack hoped to benefit from increased liquidity in the form of rent and commission payments from Sprint.

"We evaluated the performance and location of Sprint-RadioShack stores and reached an agreement with General Wireless Operations to convert several hundred doors into Sprint corporate-owned stores". The import of cheaper and similar products from other countries also hampered the growth of the company.

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