Troubled electronics retailer RadioShack has filed for bankruptcy for the 2nd time in just over two several years.
The Fort Worth, Texas-based retailer filed its petition in bankruptcy court docket in Delaware on Wednesday.
The business claims it can be closing about two hundred stores and analyzing possibilities on the remaining 1,three hundred.
In a assertion, RadioShack President and Main Government Officer Dene Rogers explained given that the company’s bankruptcy filing in 2015, the retailer experienced manufactured progress in stabilizing operations, which include minimizing working charges by 23 p.c.
But Rogers claims various factors, which include a partnership with wi-fi carrier Dash that proved not to be as worthwhile as expected, prompted the hottest bankruptcy filing.
General Wi-fi, component of hedge fund Typical General, obtained the RadioShack trademark and numerous of its stores just after its 2015 bankruptcy.
RadioShack was established in 1921. Extended regarded as the place to find batteries and obscure electronic elements, in the latest several years the business tried out to remake by itself as a specialist in wi-fi devices and accessories.
That tactic was largely was stymied by the advent of smartphones.
RadioShack has tried out to update its graphic but faces formidable competition from on the internet and discount shops.