Electronic retailer RadioShack files for Chapter 11 bankruptcy
NEW YORK -- Struggling electronics retailer RadioShack has filed for Chapter 11 bankruptcy protection and says it will sell up to 2,400 stores.
The Fort Worth, Texas company has suffered from years of losses.
RadioShack Corp. introduced the first mass-market personal computer and used to be the go-to stop for consumers' home electronics needs. But it struggled as shoppers increasingly shifted to making purchases online and growth in its wireless business slowed.
The New York Stock Exchange suspended trading of its shares on Monday and sought to delist it.
RadioShack had warned of a possible bankruptcy in September, but received rescue financing that kept it afloat. Still, its CEO recently cautioned the chain might not be able to find a long-term plan to stay in business.
