Struggling Electronics Chain, in Talks with Lenders, Could File as Soon as Next Month
RadioShack Corp. is preparing to file for bankruptcy protection as early as next month, people familiar with the matter said, following a sputtering turnaround effort that left the electronics chain short on cash.
A filing could come in the first week of February, one of the people said. The Fort Worth, Texas, company has reached out to potential lenders who could help fund its operations during the process, another person said.
Meanwhile, RadioShack is in talks with a private-equity firm that could buy its assets out of bankruptcy, the people said. They cautioned that the talks with the private-equity firm may not produce a deal and that the company may try instead for a more typical reduction of debt and restructuring of its operations in bankruptcy court.
Situations when companies are close to a bankruptcy filing can be fluid and even contentious, and plans can change at the last minute.
The retailer has made clear it is running dangerously low on cash after posting losses in each of the last 11 quarters, and its stock-market value has shriveled to less than $50 million. In December, it warned in a securities filing that it could be forced into bankruptcy court if it couldn’t raise new funds or get relief from lenders that have blocked its efforts to close hundreds of stores.
RS is nothing but a cheap cell phone and battery store. They sell nothing of value like they did 15 or 20 years ago. I couldn't even get a simple 3 way toggle switch there a couple years ago. Pointless place.
Quote: Frank Cannon wrote in post #2RS is nothing but a cheap cell phone and battery store. They sell nothing of value like they did 15 or 20 years ago. I couldn't even get a simple 3 way toggle switch there a couple years ago. Pointless place.
And.... if you buy something there it is sold on commission. That's such an old tactic to generate sales.
Commission sales makes getting a return processed by the clerk a potential nightmare.
** Rich Lowry, Nov 30, 2014 on “Meet the Press” Sunday, National Review editor
Stop trying to make the Ferguson protests something they weren’t. And, just as importantly, stop trying to make Michael Brown, the man shot to death during a fight with police Office Darren Wilson in August, something he wasn’t.
“If you look at the most credible evidence, the lessons are really basic ... don’t rob a convenience store. Don’t fight with a policeman when he stops you and try to take his gun. And when he yells at you to stop, just stop.”
And.... if you buy something there it is sold on commission. That's such an old tactic to generate sales.
Commission sales makes getting a return processed by the clerk a potential nightmare.
Commission? That is a real prick move on RS's part towards the emplyees. That explains why those bastards gave me a gift card instead of my money when I returned a tablet case that was defective. What a scam.