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RadioShack Files For Bankruptcy

Tyler Durden's picture




 

As credit markets have been indicating for 15 months, 94-year-old consumer-electronics chain RadioShack has finally pulled the ripcord...

  • *RADIOSHACK FILES FOR BANKRUPTCY PROTECTION AS LOSSES MOUNT
  • *RADIOSHACK WILTS UNDER BIG-BOX, ONLINE COMPETITION

RadioShack lists $1.2bn in assets and $1.38bn in debt. Additionally, Bloomberg reports that a post-bankruptcy deal is being worked on with Sprint.

Press Release:

  • RadioShack Reaches Asset Purchase Agreement with Affiliate of Standard General To Acquire up to 2,400 Stores
  • Standard General and Sprint to Establish "Store within a Store" Retail Model at up to 1,750 Acquired Stores
  • Will Pursue Asset Sale and Additional Restructuring Steps Through Court-Supervised Chapter 11 Process
  • Secures Debtor-in-Possession Loan Commitment To Support Sale Process
  • Plans to Close Remaining Underperforming Stores

PR Newswire

FORT WORTH, Texas, Feb. 5, 2015

FORT WORTH, Texas, Feb. 5, 2015 /PRNewswire/ -- RadioShack Corporation announced today several actions intended to maximize value for the Company's stakeholders.

1. RadioShack has signed an asset purchase agreement with General Wireless Inc., an affiliate of Standard General L.P. ("Standard General").  General Wireless has agreed to acquire between 1,500 and 2,400 of RadioShack's U.S. Company-owned stores.  To effectuate this transaction and an orderly sale of the Company's remaining assets, RadioShack and certain of its U.S. subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.  As part of this process, other parties will have an opportunity to submit offers for RadioShack's assets in a court-approved process. The sale agreement is subject to court approval and other conditions. RadioShack's foreign subsidiaries and its franchisee-owned stores are not included in the filing.

2. General Wireless, the entity formed to acquire the stores under the asset purchase agreement, has agreed in principle on terms with Sprint to  establish a new dedicated mobility "store within a store" retail presence in up to 1,750 of the acquired stores. This agreement-in-principle is subject to negotiation of definitive documentation as well as court approval.

3. In addition, the Company has filed a motion with the Court to proceed with the closure of the remaining company-owned stores under an agreement with Hilco Merchant Resources.  A list of the stores slated for closure will be posted in the near future on the restructuring information section of the company's web site at www.radioshackcorporation.com.  Stores that are closing are expected to sell remaining inventory.

RadioShack currently has approximately 4,000 company owned stores in the U.S.  Its more than 1,000 dealer franchise stores in 25 countries, the stores operated by its Mexican subsidiary, and its Asia operations are not included in the Chapter 11 filing or the agreements announced today. 

Discussions are underway with interested parties to sell all of the company's remaining assets.
 
Joe Magnacca, RadioShack's chief executive officer, said, "These steps are the culmination of a thorough process intended to drive maximum value for our stakeholders."

RadioShack has made customary first-day motions with the Bankruptcy Court intended to support the continuation of its day-to-day operations for customers, employees, vendors and suppliers, and other business partners during the restructuring.  As part of that, it is seeking Court approval to continue employee wages and certain benefits and honor certain customer programs.  The motions are expected to be addressed by the Court in the coming days.

The Company has also secured a commitment for approximately $285 million in debtor-in-possession financing (DIP) from its current ABL lender group, led by DW Partners, LP.  The DIP is intended to provide it with liquidity during the sale process. The DIP funding includes a roll up of the Company's prepetition revolver, letters of credit, and FILO facility.  In addition, the facility will provide up to $20 million in incremental borrowing capacity.

Pursuant to the auction process the Company has filed for approval by the Court, all qualifying parties will have an opportunity to submit offers for evaluation through a Court-supervised competitive bidding process.  Any sale will be subject to Court approval and other closing conditions.  There can be no assurance that a sale will be consummated at the conclusion of this process. 

The Company's legal advisor is Jones Day, its investment banker is Lazard Freres, and its financial advisors are The MAEVA Group and FTI.

 

It's been a wild ride for stocks...

 

It's over...

 

Bloomberg additionally reports,

RadioShack completing deal with Sprint that would let company name live on as store-within-a-store in as many as 1,750 locations, a person familiar with the deal tells Bloomberg’s Jodi Xu Klein.

 

RadioShack to sell 1,500 to 2,400 stores to Sprint and Standard General LP, rest would be closed as part of bankruptcy filing, which may be imminent

*  *  *

 

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Thu, 02/05/2015 - 18:20 | 5749432 Buckaroo Banzai
Buckaroo Banzai's picture

Looking forward to the liquidation sales.

Not looking forward to the demise of my local store. A useful resource.

Thu, 02/05/2015 - 18:26 | 5749463 HedgeHammer
HedgeHammer's picture

Where else am I going to get my resistors and thermistors and such. I guess I will be backing up the truck as well there BB.

Thu, 02/05/2015 - 18:34 | 5749495 El Oregonian
El Oregonian's picture

"RadioFracked". Fragmented to pieces under super-high pressure.

Thu, 02/05/2015 - 18:40 | 5749535 SickDollar
SickDollar's picture

what a GREAT RECOVERY BITCHEZ

Thu, 02/05/2015 - 18:55 | 5749591 BKbroiler
BKbroiler's picture

Noooooo!  Where will we buy our radios?

Thu, 02/05/2015 - 19:25 | 5749674 nope-1004
nope-1004's picture

Seems like not too long ago RS filed for bankruptcy.

 

On March 4, 2014, RadioShack announced that it planned to close as many as 1,100 lower-performing stores, almost 20% of its 5,200 US locations including 900 franchise stores.[32] But on May 9, the company reported that a conflict with its creditors prevented it from carrying out those closures.[33] Six days later, the Fitch credit rating agency downgraded RadioShack to "CC", two notches away from default, saying Fitch was "increasingly concerned about RadioShack's ability to operate beyond 2014," and warning of a "restructuring before year-end or early 2015."[34]

 

 

Thu, 02/05/2015 - 19:35 | 5749714 Liberal
Liberal's picture

This is what happens when the economy is doing TOO well.  I see that a clothing retailer Cache has filed for bankruptcy, too.  The economy is just TOO HOT for these companies to handle is all.  It's a small price to pay for 78 billion jobs created in the last 2 months.

Thu, 02/05/2015 - 20:10 | 5749839 0b1knob
0b1knob's picture

I remember when radio shack actually sold electronic kits.    I'm so old I even remember Lafayette Radio Electronics.    I had an old Dynaco SCA 80 amplifier that I built from scratch.   People still pay good money for some of the old Dynaco stuff, especially the hard to find tube amps.   Nothing like them today.  I even built my own computer once.

I am such an old nerd.

Thu, 02/05/2015 - 21:28 | 5750076 tired1
tired1's picture

Lafayette Radio Electronics....

I'm getting up there too.

Thu, 02/05/2015 - 22:48 | 5750323 scam_MERS
scam_MERS's picture

I remember the kits too, as well. I also remember when Allied merged with RS, and getting a thick catalog in the mail (somewhere about 1970 or so) that said "Allied Radio Shack" on the front. They had everything electronic imaginable. Since I was only a teenager then, I had no money to buy much of anything but I sure enjoyed reading through that catalog. I even owned a Realistic stereo receiver for a while, and one of their hulking 8-track car stereos that I mounted in my dad's '68 Plymouth Fury III (since it only had a pathetic AM radio, this was a major improvement). Seems my dad didn't care much for my Black Sabbath, Grand Funk and Deep Purple 8 Tracks, though :)

Best thing about RS back then? Free Batteries. I always had more than one battery card so I could get enough to run my flashlights or a 9v for my 6 Transistor radio. The guy at my local Rat Shack used to get furious with me and tell me "you already got enough free batteries this month!" Every time I'd whip out a fresh battery card I knew the arguments were coming. I usually prevailed, although sometimes I had to get one of my parents to use the card instead of me. Fun times...

Fri, 02/06/2015 - 09:36 | 5751221 Dave
Dave's picture

I bought a LearJet 8 track from them in '69 for my '65 GMC.

Fri, 02/06/2015 - 07:08 | 5751031 TheGreatRecovery
TheGreatRecovery's picture

It's "The Great Recovery".  :^)

I also built a 35-watt Dynaco.  I think it was called SCA-35.  Nice little amp.  Sautering is an art.

Parts Express has resistors and such.

Thu, 02/05/2015 - 18:38 | 5749522 laomei
laomei's picture

That was what they were good at honestly... supplying components and general supplies for tinkering. Selling kits that let you build your own things.  That was literally the only thing I ever used them for.  It was cheap, it was great for learning and exploring.  Having a convenient resource that stocked cheap cables and converters and adapters.

 

Then they branched out into random shit and cut back on useful things... that was the death knell really.  

Thu, 02/05/2015 - 18:48 | 5749562 Big Brother
Big Brother's picture

They could have gone the way of tigerdirect or newegg with a few strategic brick & motar locations. 

Thu, 02/05/2015 - 18:51 | 5749575 saints51
saints51's picture

I remember Tandy computer and they had these awesome RC cars. Cant remember the name. We were poor so never owned any but I always wanted one.

Thu, 02/05/2015 - 18:59 | 5749607 sunnyside
sunnyside's picture

The computer was the TRS-80 and in its time was a great machine.

Thu, 02/05/2015 - 19:05 | 5749624 serotonindumptruck
serotonindumptruck's picture

Beat me to it!

Thu, 02/05/2015 - 19:13 | 5749632 saints51
saints51's picture

do you remember the remote control cars name?

And thanks for the Tandy name. I agree at its time it was one bad mofo. If I recall correctly I think even in those days they wanted 1k or more for them.

Thu, 02/05/2015 - 20:22 | 5749874 sunnyside
sunnyside's picture

This was the one I used in college computer lab to learn BASIC on. A Kaypro.

http://oldcomputers.net/kayproii.html

We carried copies of MS-Dos 2.0 around on a floppy and a word processing program on another.  I think it was WordStar or WordPro.  Writing IF/THEN loops and DATA lines was fun stuff.  The introduction of Lotus123 killed all of that stuff just a year or two later.

 

 

Thu, 02/05/2015 - 20:33 | 5749907 saints51
saints51's picture

That baby is sweet. I am sorry I love this old stuff. I wish I would of been smart enough to jump on board the programming bandwagon back in the day. it just wasnt big where I grew up so it was overlooked. They didn't even offer computer classes in high school. We had a computer lab we would go to 1 every 2 months and we did have a computer in home room where we tore up some shit on Oregon Trail.

When I got older I did learn some and,nand,or, and nor gates messing around with an allen bradley plc.

Fri, 02/06/2015 - 04:29 | 5750917 Sokhmate
Sokhmate's picture

Did you ever peek and poke?

Thu, 02/05/2015 - 19:37 | 5749729 Unix
Unix's picture

rad racer?

Thu, 02/05/2015 - 20:12 | 5749850 saints51
saints51's picture

It doesn't ring a bell but for some reason the word nitro keeps popping up.

Thu, 02/05/2015 - 20:25 | 5749883 saints51
saints51's picture

The one name that sticks in my mind is a bmx bike called the diamond back. To me that was a cadillac. Never owned one but knew some kids who had one. I had a hand me down huffy but thats where i learned how to repair things. I would destroy that bike. See a ditch jump ot into a ditch. No need to build a ramp haha.

Thu, 02/05/2015 - 21:21 | 5750050 Mentaliusanything
Mentaliusanything's picture

Yet some other companies do it better and grow and grow

http://www.jaycar.com.au/printed.asp

Click on the side links

Anything you want or they will get it

Thu, 02/05/2015 - 22:05 | 5750212 saints51
saints51's picture

thanks buddy will check it out

Fri, 02/06/2015 - 02:24 | 5750808 JuliaS
JuliaS's picture

Radioshack - a brick and mortar dinosaur obsolete in the age of the internet. I used to buy electric components from them when I didn't know any better. Now I can get a day delivery off Digikey for quality parts or buckets of cheap Chinese knockoffs straight off the conveyer belt from some smog-infested village whose name I can't even pronounce for less cash spent on delivery than I would invest in gasoline to drive to the nearest retail store.

Radioshack is dead. First of many. In no way unique compared to the rest of dominoes.

They haven't sold anything "American" in decades, so it'll be a loss no one will even notice.

Moving on.

Thu, 02/05/2015 - 18:55 | 5749592 colorfulbliss
colorfulbliss's picture

Although it is nice to order a thousand resistors online for half the price of five resistors at the Shack, it will suck not to be able to just go and get them within 30 minutes. To me Radio Shack had become the 7-eleven of electronics parts. Horrendously over-priced, but always available. Beats waiting 2-4 days for an online order. No mom and pop electronics store exist anymore, at least in my area. They will be missed!

Thu, 02/05/2015 - 19:03 | 5749618 serotonindumptruck
serotonindumptruck's picture

I wish that I would have kept my TRS-80 from my younger years. I would run those cassette-reel programs and spend hours of time playing chess and Pyrmid and other obscure software games. Oh man, to be able to go back in time and do it all over again!

Thu, 02/05/2015 - 19:11 | 5749643 saints51
saints51's picture

Everybody has a rich family member. I had one as a kid and they had the commodore. When I would go there I would play wheel of fortune. Its the only time i had a chance to use a computer so I made it worth my while...lol.

Thu, 02/05/2015 - 19:26 | 5749695 serotonindumptruck
serotonindumptruck's picture

Pyrmid was an awesome computer game for 1981. The premise was based upon exploring an Egyption pyramid. It was almost impossible to beat once you became lost.

I remember being frequently lost:

'You are in a maze of twisted passages, all alike."

Thu, 02/05/2015 - 19:36 | 5749722 Unix
Unix's picture

Atari, had some great games, space invaders and that asteriod game...cant remember the name of it.

Fri, 02/06/2015 - 00:10 | 5750571 Urban Redneck
Urban Redneck's picture

Asteroids can be downloaded from the "A" folder, Space Invaders from the "S" folder... 

http://ftp.pigwa.net/stuff/collections/nir_dary_cds/Games/FILES/

All you need is an Atari emulator (of which there are lots free ones for Linux, Android, DOS, MicroShitty, etc)

Thu, 02/05/2015 - 20:23 | 5749876 saints51
saints51's picture

I remember a friend of mine had a nintendo when they came out. Then remember one day he getting Metal Gear. I swear that frickin game took us almost a year to beat. We had notebook full of frequencies and passcodes because the damn game did not have a save feature. I don't remember the exact time but he played a lot of it when i wasn;t around and still took a very long ass time.

Thu, 02/05/2015 - 19:15 | 5749653 colorfulbliss
colorfulbliss's picture

I had a Trash-80 Color Computer as a child. If I can remember correctly, it cost $399 and came with a whopping 4k of RAM. People with more money got the $599 model that had 16k of RAM and Extended Color BASIC! No hard drive or floppy, just a cassette player that took like 3 minutes to load in a VERY simple card game. Plus it had those 8-Track looking ROM cartriges that loaded into the side of it. Oh how we reminisce when companies go bankrupt!!!!

Thu, 02/05/2015 - 19:49 | 5749772 Urban Redneck
Urban Redneck's picture

Atari 800 8-bit processor and 8k RAM, but the parents splurged on the external 90k 5.25 floppy drive, one of those bizarre cassette drives, an 80-column printer, and a lightning fast 300 baud modem... probably about $1000 in pre-Volker FRNs.   

That was a good prep for playing with the parent's TI Business Pro with the 8" 10MB Bernoulli cartridges and a 1200 baud modem (which cost more than a new car) and the early days of PBX hacking for free long distance and amazing low-resolution BBS porn that took forever to download.

Thu, 02/05/2015 - 20:20 | 5749869 saints51
saints51's picture

LOL we are all old. The prolly got some young kids on this site wondering what a floppy drive is. Good memories though. Life just seemed a little more real than today.

Thu, 02/05/2015 - 23:26 | 5750460 quasimodo
quasimodo's picture

Haha, the old floppy drives. Good stuff.

 

Anyone here remember the video disk? Looked like a record with a protective jacket, you would insert into a disc player the size of a mid 70's Fleetwood and pull it back out after it had kept the disc inside. They were a big deal for what, about three or four years? Our local library had a lot of the movies.

 

Thu, 02/05/2015 - 21:35 | 5750095 John Law Lives
John Law Lives's picture

I remember the old TRS-80 well.  I remember upgrading from 4K to 16K of RAM and believing I had a real screamer of a machine.  

"Plus it had those 8-Track looking ROM cartridges that loaded into the side of it." - colorfulbliss

They had a game for the TRS-80 called 'Dino Wars'.  It may have been the worst computer game known to mankind.

http://www.gamefaqs.com/coco/941774-dino-wars/reviews/review-143362?ques....

Fri, 02/06/2015 - 07:10 | 5751032 TheGreatRecovery
TheGreatRecovery's picture

Do you remember whether the TRS-80 was "the first" personal computer to have a spreadsheet program?  I didn't ever have a TRS-80 myself.

Fri, 02/06/2015 - 01:52 | 5750766 laomei
laomei's picture

Yea, ordering shit online is great... but sometimes you just need a handful of em, not an entire frigging roll.  I liked to keep a nice variety in my electronics toolbox so I can pull out what I need... a few dozen of each generally so I didn't have to tear apart dead broken things to gank parts.  The ability to run out and get what was needed quickly... even if overpriced, an extra buck isn't a horrible cost to have it now and have what I needed.

 

That's been dead and gone for a long time now though... so I don't really care.  Dead RS just means one less place to buy offbrand overpriced shitronics.  One less place to look over the crappy sprint phones of yesteryear.  One less place to laugh at, wonder "why the hell does this still exist" and then get all nostalgic about how it used to be.

Thu, 02/05/2015 - 19:17 | 5749657 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

These guys must listen to Limbugh...FireBrander is right, this company sucks. Burn these racist retailer's to the ground!!

Mon, 02/09/2015 - 12:52 | 5751036 TheGreatRecovery
TheGreatRecovery's picture

Radio Shack helped make it easier for a lot of people fix their own electronics, tinker with electronics, and learn about electronics, for many years.  I will remember them fondly.  Yes, they did not adapt to the internet marketing age.  But lots of other good companies also did not.  Sears, I think.

Thu, 02/05/2015 - 19:47 | 5749764 duo
duo's picture

Where else will I pay $6.99 for a watch battery that a jewelry store will give me for free?

Thu, 02/05/2015 - 18:27 | 5749467 power steering
power steering's picture

What is a radio?. When I want as wall I go to Walmart

Thu, 02/05/2015 - 18:27 | 5749468 negative rates
negative rates's picture

So sprint has the most invested in the shack.

Thu, 02/05/2015 - 18:29 | 5749475 r00t61
r00t61's picture

I remember the days when Radio Shack was an awesome place to buy parts with which to make actual things.

Today my local store carries cell phones and quadrotor drones.

Thu, 02/05/2015 - 22:16 | 5750211 flapdoodle
flapdoodle's picture

I bought a Realistic/Micronta Volt-Ohm Meter made in Korea in the mid 1970's for $19.95 when I was fresh out of College.

Used it to built numerous cool Heathkit products (from televisions to computer breadboards). I still use the VOM about once a week and it is going strong. Have the original box which is starting to fade pretty bad, but the VOM just keeps ticking.

Radio Shack had impressive quality back in those days...

Thu, 02/05/2015 - 18:33 | 5749489 NotApplicable
NotApplicable's picture

Exactly how many out-dated cell-phones do you need?

I stopped going there years ago, as they quit stocking everything I went there for except for various A/V plugs.

Thu, 02/05/2015 - 18:39 | 5749529 Gene8696
Gene8696's picture

Goodbye old friend. It has been a long time since you were in your prime, and our time together has lessened over the years, but I will remember the good years...

http://www.radioshackcatalogs.com

Fri, 02/06/2015 - 02:14 | 5750797 Heavy
Heavy's picture

Radio shack has been selling things at 10 times the ebay cost for at least 5 years, I'm done waiting for "good ole radio shack" to come back, drag this corporate zombie out back and shoot it in the head.

Thu, 02/05/2015 - 18:20 | 5749433 Billy Sol Estes
Billy Sol Estes's picture

RadioSacked

Thu, 02/05/2015 - 18:34 | 5749496 power steering
power steering's picture

Best renderd in B flat. The Ballad Of Billy Sol Estes"

 


Sol Estes Billie Sol Estes, we're proud of you son
(Hey Billie Billie, hey Billie Billie Billie!)
You had to be Texan to do what you done
(Hey Billie Billie, hey Billie Billie Sol!)
While other kids saved up their nickels and dimes
For jellybeans, liq'rice, and fudge,
Well Billie saved too
And when he had enough
He bought him a federal judge!
While still in his teens he was very perplexed
as to what field his fortune was hid
His uncle suggested he go into steel
And that's just what Billie boy did!

Billie Sol Estes, that boy really cooks
(Hey Billie Billie, hey Billie Billie Billie!)
He had one shining purpose

And two sets of books
(Hey Billie Billie, hey Billie Billie Sol!)

There once was a senator Bill tried to bribe
So Bill had a wonderful notion
Oh, what a friend we have in Billie!
He sent him a yacht but that wasn't enough
So Billie boy threw in an ocean!

Billie Sol Estes, we're proud of you mate
(Hey Billie Billie, hey Billie Billie Billie!)
It's hombres like you that make Texas so great
(Hey Billie Billie, hey Billie Billie Sol!)
B is for the billions he's been bilkin'
Good ole billion bilkin' Billie!
I is to indemnify his loss
They use a lot of ammonia up there, Billie —
That's why they call it the White House.

L is for the loans from Uncle Sammy
Why, thank ye, Freeman Cousin Orville!
Then double L just like in double cross
I is for the interest he's accruin'
Praise the Lord and pass the fertilizer, Billie!
E is for the eggheads he outsmarts
Put them all together, you've got Billie Sol

Whose initials are emblazed on our hearts:
B.
S.

Billie Sol Estes, we're proud of you boy
(Hey Billie Billie, hey Billie Billie Billie!)
Next to you Jimmy Hoffa is Lord Fauntleroy
(Hey Billie Billie, hey Billie Billie Sol!)
Now they're gonna take Billie away to the clink
And the way things look now it appears
For all of the wheelin' and dealin' he's done
He'll get three thousand four hundred years

Counterpoint: 
Oh, give me land, lots of land,
Under starry skies above
Don't fence me in
Let me ride through the wide open country that I love —

And the day they lead old Billie away
Why, each Texan will take off his hat
For who but a Texan
In all this wide world
Could pull down a sentence like that?

Billie Sol Estes, you're really a doll
(Hey Billie Billie, hey Billie Billie Billie!)

Thu, 02/05/2015 - 18:20 | 5749435 Martial
Martial's picture

Internet Killed The Radio Shack

Thu, 02/05/2015 - 18:30 | 5749482 DutchR
DutchR's picture

Video Killed The Radio Shack.....www.youtube.com/watch?v=W8r-tXRLazs

 

But you are right

Thu, 02/05/2015 - 18:59 | 5749598 Emergency Ward
Emergency Ward's picture

 

 

Radio Shack electronic component -- $7.99.  ("Sorry, that one is out of stock.")

Ebay same component lot of 10 -- $2.99 with Free Shipping.

Thu, 02/05/2015 - 19:10 | 5749639 NoWayJose
NoWayJose's picture

Sadly true...

Thu, 02/05/2015 - 18:59 | 5749605 YHC-FTSE
YHC-FTSE's picture

I reckon lack of hobbyists, inventors, and generally people who are curious about how stuff work and like to fix broken tech killed Radio Shack. It does not bode well for the i-crap generation.

Thu, 02/05/2015 - 19:22 | 5749672 Gaius Frakkin' ...
Gaius Frakkin' Baltar's picture

Have you heard of the maker / hacker culture? It's booming.

No, RadioShack was killed by the false notion that profits couldn't be made in 'Merica from the curious and innovative. It's a perfect example of corporate mediocrity and hubris, lacking longterm vision, sacrificing everything for what looked good on quarterly reports for dumb-ass investors.

Thu, 02/05/2015 - 19:34 | 5749715 silverer
silverer's picture

Bean counters don't know the difference between a capacitor and a resistor.  They give advice accordingly.

Thu, 02/05/2015 - 19:43 | 5749748 YHC-FTSE
YHC-FTSE's picture

+1 That's an interesting perspective and you could be right. So, Radio Shack executives failed to keep up with their changing consumer interests and shot themselves in the foot with pessimism about American culture? Over the years I've seen a lot of derogatory stuff about Radio Shack and the kind of people who go there in the mainstream media, so I had the mistaken impression that "maker/hacker culture" wasn't all that popular over there.

I'm sure there's a lesson for Maplins, the UK equivalent of radio shack.

Thu, 02/05/2015 - 18:21 | 5749438 czarangelus
czarangelus's picture

If rumors are correct, they won't be the last major retailer to go belly up this year.

The economy is over. The bankers "won." Now let's see how long they can keep a lid on it...

Thu, 02/05/2015 - 18:56 | 5749594 El Vaquero
El Vaquero's picture

All that paper wealth, and there will be nothing to spend it on.  I guess that's the same as paper wealth going to its intrinsic value.

Thu, 02/05/2015 - 19:48 | 5749769 falconflight
falconflight's picture

It's Not belly up...it's reorganization.  Chapter 11 not Chapter 7

Thu, 02/05/2015 - 19:52 | 5749784 disabledvet
disabledvet's picture

You mean the Bankers?

 

They're living it up bro.

 

Lotta empty real estate suddenly on the market tho.

 

Oh, I'm sorry.  There's a job aspect to this too?

 

But Aliblah-blah is up huge!  Just ask Congress!

Thu, 02/05/2015 - 21:50 | 5750154 PoliticalRefuge...
PoliticalRefugeefromCalif.'s picture

Yeah.. what's next? Western Auto? I had a Wizard tv once.

Thu, 02/05/2015 - 18:22 | 5749441 Chupacabra-322
Chupacabra-322's picture

Shameful.

Thu, 02/05/2015 - 19:55 | 5749792 disabledvet
disabledvet's picture

Shameless!

Thu, 02/05/2015 - 18:30 | 5749452 European American
European American's picture

Regardless, I'll miss The Shack, pre 'Sprint and Standard General LP'. 

More often than not, they always seemed to have what I needed...the little things. Those days of "abundance and variety" in Ameican could very well be seeing their last days.

Thu, 02/05/2015 - 18:25 | 5749453 HedgeHammer
HedgeHammer's picture

RadioShack was the shit back in the day. Anybody remember when Uniden was made in the USA. I surely do. Yes there is quite a bit of gray in my beard these days.

Thu, 02/05/2015 - 19:17 | 5749663 homme
homme's picture

I do. I also remember the TI-994A and the Realistic brand name CB radio. The latter was $99.00 in I'd guess 1975 or so. I do well remember mowing a lot of yards for that money. Bought my first modem from them too. 1200 "baud" if I remember right. Now there was something that had no shelf life. Lol, I think within 18 months we were up to 48,8 and had upgraded a couple of times to get there. Hate to see them go. For obvious reasons, I'm adamantly cash and carry for almost everything.

Thu, 02/05/2015 - 19:36 | 5749727 lakecity55
lakecity55's picture

RS- A spare parts house in every town I worked (of any size).

Used to call it the "company supply house."

Thu, 02/05/2015 - 18:25 | 5749457 Unix
Unix's picture

Another bites the dust, hey-yay-yay-yayayay, another one bites the dust...let's hear it guys and dolls, America is in fucking GREAT shape!

Thu, 02/05/2015 - 18:26 | 5749460 kchrisc
kchrisc's picture

Sad.

Will they still want our phone numbers during the "going out of business" sale?

The banksters need to repay us.

Thu, 02/05/2015 - 18:26 | 5749462 stant
stant's picture

Thinking I should be looking at items I sell in my biz that might be unavailable as the supply chain breaks down

Thu, 02/05/2015 - 18:28 | 5749466 Unix
Unix's picture

lovely news, just lovely, i cant stand it anymore, get me off the gerbal wheel...

Thu, 02/05/2015 - 18:29 | 5749473 negative rates
negative rates's picture

Long ostraches and holes.

Thu, 02/05/2015 - 18:29 | 5749474 Keltner Channel Surf
Keltner Channel Surf's picture

Hmm.  With all those locations, many in suburban strip malls, maybe they could, I dunno, change the name to 'Shake Shack', or something similar, and sell burgers.  Oh, wait ...

Thu, 02/05/2015 - 18:29 | 5749477 becky quick and...
becky quick and her beautiful mouth's picture

i quit going there soley because of the phone number thing.

Fri, 02/06/2015 - 01:57 | 5750771 StychoKiller
StychoKiller's picture

Nothing prevented you from giving them a bogus number!

Thu, 02/05/2015 - 18:34 | 5749502 Chupacabra-322
Chupacabra-322's picture

"We Shacked some Folks."

Thu, 02/05/2015 - 18:36 | 5749510 world_debt_slave
world_debt_slave's picture

RadioShack who has shopped there in x years?

I went in there a long while back and just junk in there.

Thu, 02/05/2015 - 19:35 | 5749720 silverer
silverer's picture

Basically.  They used to be a resource for hobbyists.  You could buy stuff at the component level.  Now all they want to do is sell you overpriced batteries or cell phones.

Thu, 02/05/2015 - 18:37 | 5749516 Spungo
Spungo's picture

Radio Shack might be dying but Meth Shack is doing great.

Thu, 02/05/2015 - 19:29 | 5749704 pudge94
pudge94's picture

Shake Shack has tons of money now; they should buy for a mega expansion.  Plus they'll save 50% on new signage!

Thu, 02/05/2015 - 18:37 | 5749521 Spungo
Thu, 02/05/2015 - 18:40 | 5749534 Bill of Rights
Bill of Rights's picture

Another one bites the dust, and the banker scum cheer.

Kmart or Sears is next...

Thu, 02/05/2015 - 18:46 | 5749550 BigRedRider
BigRedRider's picture

It's a shame.  Back in the late 70s I used to go to my local Radio Shack where they had a large bucket of ICs, sockets, and other goodies that they put there with knock down prices, sometimes less than half price.  I built many a kit with these components on PC boards they sold at reasonable prices.  But those were the days, my friend.  I thought they'd never end.

 

So long, Ole buddy.

Thu, 02/05/2015 - 19:35 | 5749721 colorfulbliss
colorfulbliss's picture

Wow I had forgotten all about those "bucket" grab bags!!! Didn't know what you had until you got home! Which also reminds me of Olson Electronics. Anyone remember them??? That was another fantasyland of mine when I was a kid!

Thu, 02/05/2015 - 18:45 | 5749554 pragmatic hobo
pragmatic hobo's picture

i will miss radio-shack to be honest ... now where can i run to if i need a ttl chip right now?

Thu, 02/05/2015 - 18:58 | 5749600 El Vaquero
El Vaquero's picture

Hell, I just used them for one of my vices.  That's where I get most of the stuff to make my e-cigs.  I'm going to have to get enough spare parts to last a while now. 

Thu, 02/05/2015 - 18:51 | 5749574 surf0766
surf0766's picture

You mean they didn't give it to a fuckn' union?

Das racist !

Thu, 02/05/2015 - 18:57 | 5749597 Uncle Remus
Uncle Remus's picture

That photo on the front page for this post reminds me of the Radio Shack across from Bowman Field in Louisville, KY - Taylorsville Rd around Bon Aire - it was walking distance from a relatives house. Doubt if is still there. Those were tube (valve) days.

Thu, 02/05/2015 - 19:00 | 5749610 Joebloinvestor
Joebloinvestor's picture

Anyone remember the RS policy of asking for all your personal information even if you paid cash?

I was told by someone (in the know) that was because they were helping Uncle Sam look for the unibomber.

Thu, 02/05/2015 - 19:36 | 5749726 colorfulbliss
colorfulbliss's picture

They were gathering that info long before the unibomber was a household name.

Thu, 02/05/2015 - 19:01 | 5749611 StagStopa
StagStopa's picture

I was a Radio Shack store Mgr 1990 to 1995.

Bunch a Nazis. 100 work weeks, wouldn't staff the

Stores, very abusive and stupid middle management.

Fuck em.

Thu, 02/05/2015 - 19:47 | 5749762 falconflight
falconflight's picture

So the same Management is running the company as 20 to 25 years ago?

Thu, 02/05/2015 - 19:04 | 5749621 seek
seek's picture

One down, now JCP and Kmart to go...

Thu, 02/05/2015 - 21:52 | 5750161 PoliticalRefuge...
PoliticalRefugeefromCalif.'s picture

How's Sears Roebuck holding up?

Thu, 02/05/2015 - 19:09 | 5749631 NoWayJose
NoWayJose's picture

Oh no!  A ton of 'generic mall workers' will be let go...  They knew nothing of electronics, but could explain a cell phone plan just as good as the generic mall workers in the 3 small kiosks in the middle of the mall.  

I feel sorry for are the very small number of actual geeks who still work at Radio Shack and that know their way around a circuit board...  there is no longer any place for them.

I feel sorry for the very small number of kids (and maybe some older kids too) that will no longer have a resource for electronic parts that are sold by someone capable of answering questions and offering advice.

I feel sorry for the Radio Shack store owners who were let down by the company management, who lost their direction and turned Radio Shack into something that was no different than two aisles in a Walmart.

Thu, 02/05/2015 - 19:09 | 5749633 Blythes Master
Blythes Master's picture

Battery club. Why did they ever stop that?

And as far as submitting 'your' phone number at the point of sale, why use your own? Simple, effective workaround.

My phone number at POS is always 800-555-1212 and my zip is always 90210.

Thu, 02/05/2015 - 19:22 | 5749682 100pcDredge
100pcDredge's picture

No! http://oldcomputers.net/trs80iii.html NO! Just... well... NO!

Thu, 02/05/2015 - 19:45 | 5749754 cossack55
cossack55's picture

Too funny.  The FCC worried about RF emissions.  LOL.  Have not heard them say shit about fuckin' cell phones. Criminal bastards.

Thu, 02/05/2015 - 19:40 | 5749737 falconflight
falconflight's picture

So it's a liquidation bankruptcy?  No, just another get out of debt reincarnation.  The use of Chapter 11 is overused and abused.  Make them liquidate under Chapter 7.  That's where bad, failed businesses belong... liquidated.

Thu, 02/05/2015 - 19:41 | 5749739 Unix
Unix's picture

This woman is delusional, crazy and is one of the Feds, I laughed so hard my brain fell out! Consider the source, heh!

http://www.cnbc.com/id/102397435

Thu, 02/05/2015 - 19:47 | 5749763 JayKitsap
JayKitsap's picture

My brother built one of their kit stereos.  They were cool and innovative way long ago. By the late 80's it seemed like they wanted to sell to the masses, be the RC car place (but no custom car or car parts), the cell phone store that was worse than any other store.  I am actually shocked they didn't die a decade ago.

They lost their way

Thu, 02/05/2015 - 23:16 | 5750424 ceilidh_trail
ceilidh_trail's picture

I still have a set of floor standing speakers that I built from parts purchased from RS. They actually still work- unlike my POLK Monitor 12s that need new crossovers.

Thu, 02/05/2015 - 19:50 | 5749778 SilverFish
SilverFish's picture

They can have my radios when they pry them from my cold dead hands

Thu, 02/05/2015 - 20:02 | 5749816 the not so migh...
the not so mighty maximiza's picture

all those hot radio shack unemployed chicks ready for the taken,, whooo raaaaaa

Thu, 02/05/2015 - 20:21 | 5749870 Incubus
Incubus's picture

I remember the shack back in the day when I was a kid too young to know a shit.

 

Radioshack seemed neat before I discovered the internet. 

 

And Amazon.  I grew up with Amazon and Newegg.  Don't give a fuck about Radioshack.

Thu, 02/05/2015 - 20:43 | 5749943 Chuck Knoblauch
Chuck Knoblauch's picture

I'm shocked.

Thu, 02/05/2015 - 21:55 | 5750174 exartizo
exartizo's picture

You know, when a company hires a loser like Weird Al Yankovic as their spokesman to say a line in a dumbass commercial like "Batteries!!!" there is something very very wrong.

Thu, 02/05/2015 - 22:28 | 5750268 homiegot
Fri, 02/06/2015 - 00:55 | 5750678 22winmag
22winmag's picture

Put a fork in it.

Fri, 02/06/2015 - 01:53 | 5750768 boeing747
boeing747's picture

I used BASIC language on TRS-80 30+ years ago, inserted 5.25" floppy disk for 360K?

Fri, 02/06/2015 - 03:25 | 5750884 DIgnified
Fri, 02/06/2015 - 07:07 | 5751028 cys
cys's picture

Such is innovation. Schumpeter may have some wise words here.

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