The Wall Street Journal is reporting that RadioShack will likely file for bankruptcy as soon as next month. It’s sad news for anyone who remembers spending time at the store before it was overshadowed by competitors like Best Buy and Amazon, but not a huge surprise considering the company’s recent issues.
For now, RadioShack is looking to raise the money needed to get through the bankruptcy process. It’s also apparently meeting with potential buyers interested in picking up smaller pieces of the company. According to Bloomberg TV’s Julie Hyman, Sprint is in talks to buy some of RadioShack’s stores.
Early last year, the company announced plans to shutter 500 stores in an effort to cut costs. That number later jumped to 1,100, before RadioShack realized the cost of ending its leases and paying employee severance would be too high. Last month, the electronics chain said it would stop matching employee retirement funds in 2015, signaling just how dire the situation has become.
It’s still unclear exactly what the future holds, but it looks like RadioShack won’t be making a comeback anytime soon.