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If you were like me, in the 60’s & 70’s, you too probably frequented a Radio Shack for your electronic parts and pieces and the occasional electronic purchase. I remember when I was a kid I bought my first transistor radio there. It was a bright blue and fit in the palm of my hand, and I took it everywhere. When I was older, in my teens, it was time for CB radios and the Shack was the place to go.
RadioShack was founded in 1921, selling radio supplies to officers on ships. According to a CBS News history of the store, it later expanded to stores and the mail-order business. It struck it big with two products: first CB radios, then the TRS-80, one of the first mass-produced personal computers. The company rose to glory with the mass adoption of the radio in the 1920s and 1930s after opening its first RadioShack store in Boston in 1921 (my home town).
As time went on, it slowed its sales of computers and it missed the digital age by first refusing to sell products online.
In recent years, it tried to make itself cool, but instead it ended up with an odd array of products on its shelves that failed to draw customers in.
Well after all these years, 94 to be exact, of hanging in there and giving it the old school try they filed for Chapter 11 bankruptcy on Thursday.
According to the AP, the company announced a deal to sell between 1,500 and 2,400 stores to a consortium including Standard General and Sprint while in restructuring.
The bankruptcy filing ends a surprisingly long run for RadioShack. While some electronics competitors such as Circuit City and Nobody Beats The Wiz died years ago, the Ft. Worth, Tx.-based company withstood the internet age, the rise of Apple and consumers’ transition to wireless devices mostly by selling cords, esoteric technological parts, battery packs and adapters.
The company filed with $1.2 billion in assets and $1.38 billion in liabilities in a Delaware court Thursday, listing between 50,000 and 100,000 creditors. Wilmington Trust Company, owned by M&T Bank, is listed as RadioShack’s largest unsecured creditor with a $329 million claim, while Sprint holds a $6 million claim.
There will be life, of sorts, after bankruptcy. Standard General, a private equity fund said on Thursday it reached a deal to acquire up to 2,400 RadioShack stores and will work with Sprint to create 1,750 store-within-a store concepts nationwide.
Standard General also filed a motion to close RadioShack’s remaining company-owned stores under an agreement with Hilco Merchant Resources. Currently, RadioShack currently has approximately 4,000 company owned stores in the U.S., and over 1,000 dealer franchise stores in 25 countries.
RadioShack stores operated by its Mexican subsidiary and its Asia operations are not a part of the company’s Chapter 11 filing.
So say good bye to and old friend today, another notch on the belt of the ever changing retail world.
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