Sprint Could Take Over Radio Shack Stores
RadioShack is reportedly set to close, with rival Sprint likely taking over half of the electronics chain's locations and the other half shuttering. The two companies have also discussed the option of co-branding the stores, which have faltered in the face of competition from big box and digital retailers. RadioShack shares have plunged more than 90% in the past year and the retailer hasn't seen a profit in 11 quarters.
Last Octobber, Standard General LP loaned RadioShack $535M in a restructure plan and could and would act as lead bidder and give debtor-in-possession financing in the case of a filing, sources told Bloomberg. Sprint's fortunes have risen as RadioShack's have sagged and the store had previously announced a planned retail expansion.