RadioShack is preparing to shut down amid bankruptcy. The chain has over 4,000 U.S. stores, but they have been struggling for quite some time. Things finally came to a head as the ‘Shack lost about 90 percent of its value over the past year, and shares sunk Monday.
“One of the most common sentiments I heard when I first started making phone calls for this story was ‘I can’t believe it’s taken this long for this to happen to RadioShack,'” says Josh Brustein of Bloomberg.
“For the last couple of months, RadioShack has really been kind of circling the drain,” says Brustein. “It’s been clear that the most likely outcome was bankruptcy – that doesn’t mean that it would disappear altogether. But basically, what has to be sorted out in bankruptcy is what happens to all these stores.”
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.