by Eneid Papa, staff reporter
Retail electronic store RadioShack is coming to a dead end. After a long period of struggling, the electronic retailer has gone bankrupt and is preparing to shut down its stores.
New York Stock Exchange (NYSE) announced on February 2nd that it has suspended trading for the electronic retailer as its shares were worth less than $1 for months. This has put RadioShack on an inevitable path to bankruptcy.
According to their income statement, RadioShack’s shares are worth 13 cents and its annual net income loss as of 2013 was $400,200. However, the retailer can file for Chapter 11 bankruptcy protection as stated by the Wall Street Journal. In an article by Bloomberg Business News, RadioShack is planning to sell about 1,300 out of 4,000 stores to Sprint Corp. to pay its debt.
“This is a year in which we intend to grow our distribution dramatically,” Sprint Corp. CEO Marcelo Claure said.
Many believe that RadioShack failed because of its ambiguity on its products and its lack of customers.
“I don’t feel bad about RadioShack going out of business. They never had good deals and barely had any good items,” sophomore Pedro Maldonado said.
