Retailer RadioShack has filed for bankruptcy having agreed a deal to sell up to 2,400 stores to a consortium.
The 94-year old US retail brand, which sold electronics and accessories, filed for Chapter 11 bankruptcy on Thursday 5 February, but will continue on having agreed a deal to sell many of its stores to wireless service provider, Spring and a hedge fund investor.
The remainder of its 4,000 stores will close.
At the time of writing, The Drum has been unable to contact the company’s advertising agency, GSD&M for comment, while Carat New York, which handles its media buying contract declined to make any statement on its status when asked.
RadioShack had posted losses for the previous 11 quarters and been long thought of as an ailing retail brand, despite outlasting expectations.