RadioShack to Lay Off 150 Employees as Part of Bankruptcy Filing
Reports say electronics retailer RadioShack may lay off as many as 150 people and close its Fort Worth, Texas headquarters as part of its bankruptcy procedures. The layoffs are expected to come in late May and are part of an effort to "reorganize and emerge from bankruptcy as an ongoing business," the company said in a letter to the Texas Workforce Commission. RadioShack may have to close the headquarters if it cannot come up with a way to restructure, the company said.
Total Retail’s Take: RadioShack is going through its second bankruptcy filing in just over two years. After its bankruptcy filing in 2015, General Wireless and Sprint bought the trademark, and 1,700 stores. As part of its latest bankruptcy filing, RadioShack said it would close about 200 stores and consider options for the remaining 1,300 stores. The 96-year-old retailer has experienced slumping sales as consumers turn to big-box stores for their electronics purchases. One has to wonder how much time RadioShack has left.