RadioShack is reportedly planning to file for bankruptcy
RadioShack Corp. is planning to file for bankruptcy and sell half of its stores to Sprint Corp., people "with knowledge of the discussions" told Bloomberg.
RadioShack currently operates more than 4,000 stores. According to Bloomberg's sources, the stores not sold to Sprint will be closed. The Sprint-owned stores, meanwhile, will operate under the Sprint name, and RadioShack would no longer exist as a stand-alone store.
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However, Bloomberg adds that the deal isn't finalized and could still fall through. Late Monday, the New York Stock Exchange announced that it would suspend trading in RadioShack's shares.
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