Electronics retailer RadioShack has filed for Chapter 11 bankruptcy following a deal with wireless service provider Sprint.
In a statement, Sprint outlined what consumers can expect from the deal: "Under the terms of the new agreement, Sprint would effectively operate a store within a RadioShack store, occupying approximately one third of the retail space of each location. Sprint employees will sell mobile devices and plans on all Sprint brands including Boost and Virgin Mobile. The stores will be co-branded with Sprint being the primary brand on storefronts and in marketing materials."
RadioShack has struggled for some time, posting losses for eleven consecutive quarters. In early 2014, the retailer was expected to close 1,100 stores, until its lenders blocked the plan.
According to SEC filings, the 94-year-old company has approximately 27,500 employees.
Bye Good Old friend us geek & geekets will miss you! Now where will I go for my capacitors?