("RadioShack" or "the Company"), doing business as RadioShack, the neighborhood electronics convenience store, today announced that the Company filed voluntary petitions under Chapter 11 in the United States Bankruptcy Court for the District of DE ("the Court").
The electronics chain now operates 10 stores in Western Mass., and one store in Worcester and over 30 in the eastern part of the state.
A list of which stores will close hasn't been determined yet, a spokesman told NJ Advance Media.
In RadioShack's first bankruptcy case, General Wireless, formed through the partnership of Sprint and NY hedge fund Standard General, bought the debtor's assets out of Chapter 11 in summer 2015.
The manager of the RadioShack location in Midland declined to comment on whether or not that location would be closing.
The reason stated for the present bankruptcy was that the company was not able to meet the challenges in the retailing environment market and their partnership with Sprint Corp, which was their wireless provider, did not go as planned.
The company has about 5,900 employees, according to a bankruptcy filing Wednesday night in federal court in Delaware.
"Entire store on sale" and "Everything must go" signs now cover the storefront windows. Federal statistics show that nearly 6,000 electronics and appliance stores have closed in the United States in the past decade, or more than one in 10.
Sprint released a separate press release regarding the matter. It listed liabilities and assets in the range between 100 million dollars and 500 million dollars in the court for bankruptcy in the district of DE of United States. "Over the same time, we integrated FedEx pickup/drop-off into 140 RadioShack locations, delivered to customers over 700,000 Hulu login pins and sold more than a million RadioShack private brand headphones and speakers".