Struggling electronics retailer RadioShack is in talks to shut down for good. Bloomberg reports the famous franchise is going to close about half its stores, presumably over the next few months, and sell the other half of its stores to Sprint Corp. If true, it finally puts RadioShack out of its long, unfortunate misery.
A final deal hasn’t been agreed upon, Bloomberg said, but negotiations are allegedly in the final stages. Those involved with discussions apparently haven’t decided if Sprint will drop the RadioShack name entirely, or if these stores will be co-branded. RadioShack, presented by Sprint, or vice versa.
Despite receiving a lifeline late last year, RadioShack has found it difficult competing against larger retail and online operations. The only option, it seems, is death, though Bloomberg said a bidder could save the company and keep it operating. It might just be better to cut off life support entirely and move on.
Bloomberg doesn’t specify when a deal might be reached, though it seems like RadioShack is eager to get it over with. Standard General LP, which provided RadioShack with a $535 million loan last year, is reportedly serving as the lead bidder to take control of the company in an attempt to recoup costs.
RadioShack declined to comment on the rumor, but it sounds like your neighborhood will look a little different in the coming months.