RadioShack files for Chapter 11 bankruptcy protection
Source: Reuters
Electronics retailer RadioShack Corp filed for Chapter 11 bankruptcy protection and said shareholder Standard General LP would buy 1,500 to 2,400 of its stores.
RadioShack listed assets of $1.2 billion and liabilities of $1.39 billion in its bankruptcy petition in a Delaware court.
The company warned in September that it could file for bankruptcy protection if talks with lenders and stakeholders about a sale or a restructuring failed.
RadioShack's top lenders include hedge fund Standard General LP, which is also its largest shareholder, and Salus Capital Partners.
Read more: https://en-maktoob.news.yahoo.com/radioshack-files-chapter-11-bankruptcy-protection-223335780--sector.html
forest444
(5,902 posts)My father's first home computer was a Radio Shack TRS-80 (like this one: http://www.theoldcomputer.com/roms/index.php?folder=Tandy-Radio-Shack/TRS-80-Model-I), purchased in July 1980 shortly after graduation. He mentioned to me that at the time, it was known by its detractors as the "Trash-80"; but according to him at least, it was revolutionary for its day if your intent was to use it for engineering/scientific work.
I walked into a Radio Shack in Orange County, California, in 2005; the clerk didn't even know what an RCA cable was.
Still and all, those are thousands of jobs (even if they are mostly part-time) that will likely disappear just because some LBO vulture thought it was a good time for a corporate bust-out. Truly sad.
closeupready
(29,503 posts)Or perhaps their management. Poorly run store.
groundloop
(11,519 posts)While I was in college working on my Electrical Engineering degree I applied for a job at a radio shack store. I was told they didn't care if I knew a lot about electronics or not, they only needed people with sales experience. I'd had a gut feeling during that time that they'd started going downhill, after that I knew why.
PatrynXX
(5,668 posts)that put Zagg covers on for free. Best Buy is the other but it's way on the other side of town
dixiegrrrrl
(60,010 posts)Sad to watch the decline of the stores, they were looking very forlorn towards the end.
Fuzzy Slipper
(25 posts)Now where do I get parts for my
shenmue
(38,506 posts)As someone who has lost her job more than a few times, I feel sorry for the workers.
olddots
(10,237 posts)They open to sell slave made dreck for holladays and hire part time temp labor ....yeah a real 1%er bizz plan. But the fucking starbucks is still open . maybe we can have drone delivery to the homeless camps ........ we get the empty mall blues
canoeist52
(2,282 posts)He was one half of the duo CEO's that tried to run Market Basket into the ground last summer.
"The company's CEO position was filled by a duo: James Gooch, Radio Shack's CEO who resignbed in 2012, and Felicia Thornton, formerly of Albertsons."
http://fwbusinesspress.com/fwbp/article/1/6283/Breaking-News/Former-RadioShack-CEO-caught-in-protest-over-ousted-leader-at-Market-Basket.aspx
RadioShack's top lenders include hedge fund ROBBER BARONS Standard General LP, which is also its largest shareholder, and Salus Capital Partners.
- /fixed
Reter
(2,188 posts)A few months ago, I needed a BNC to coaxial adapter right away, and about six more. I went to RS. They had them each for like $7.99. I bought one, then went on Amazon for the rest. They came in packs of 10 or 12 for $6 shipped. With price differences like that, RS should have found new sources years ago.
It was bound to come soon.