RadioShack reportedly has filed for Chapt. 11 bankruptcy.
The plan includes an asset purchase agreement with Standard General, it’s largest investor, and Sprint to use a store-within-a-store concept, CNBC reports. This means the Fort Worth-based retailer would keep its name on some of the acquired stores. It’s other underperforming locations reportedly would close.
The retailer reported assets of $1.2 billion and debts of $1.3 billion, as of Nov. 1, according to Reuters.
The news comes the same day the company sent WARN letters to the Texas Workforce Commission saying that more than 1,000 jobs could be at stake if it chose to close its its Fort Worth headquarters and support centers in Tarrant County.
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