In sad, but unsurprising news, RadioShack filed for Chapter 11 bankruptcy. The company has been struggling for some time and closed 1,110 stores last year.
Now, 2,400 of its 4,000 stores will be sold to General Wireless, an affiliate of its biggest shareholder, Standard General. Under the agreement, Sprint will operate most of those stores. In a news release, RadioShack describes the plan.
A Wall Street Journal article blames the company for poor decisions. Titled "Strategic Confusion Put RadioShack at Mercy of Lenders," the article says the company "failed to keep up with the changing retail and digital landscape." The company's fate, according to the WSJ, could be worse: Circuit City and Borders were liquidated.
RadioShack is on its seventh CEO in the past nine years-probably not a fun position.