RadiosShack has filed for Chapter 11 bankruptcy on Thursday, according to reports.
It was reported by Reuters and the Wall Street Journal. The company had been posting heavy losses in recent years.
BREAKING: Electronics chain RadioShack files for Chapter 11 bankruptcy, will sell up to 2,400 stores.
— The Associated Press (@AP) February 5, 2015
Per The Associated Press:
The Fort Worth, Texas company said Thursday that it has filed a motion to proceed with closing the rest of its 4,000 U.S. stores. It is also having discussions to sell all of its remaining assets.
RadioShack Corp. introduced one of the first mass-market personal computers and used to be the go-to stop for consumers’ home electronics needs. But it struggled as shoppers increasingly shifted to making purchases online and growth in its wireless business slowed. It has suffered years of losses.
The New York Stock Exchange suspended trading of its shares on Monday and sought to delist it. The NYSE requires companies meet certain market capitalization thresholds to remain on the exchange.