Could RadioShack be close to selling its last battery?
The company is said to be nearing the end of its run as an electronics retailer, with talks under way to sell half of its stores to Sprint, according to a Bloomberg report, citing unnamed sources. The rest of RadioShack’s stores would shutter.
Based in Forth Worth, Texas, RadioShack already had said it would close 1,100 of its 5,000 stores last year, but wound up shuttering just 175 through October.
The talks with Sprint come as the New York Stock Exchange suspended trading of RadioShack’s shares on Monday, since companies require $50 million in market capitalization to trade on Wall Street. RadioShack had around $63 million in cash and credit heading into the holidays.
Sprint has yet to disclose whether it would continue to operate the RadioShack name or retire the brand.
Both companies have declined to comment on the reports.
Started by two brothers, the first RadioShack opened in 1921 to sell ham radios and other gadgets, later expanding into TVs, computers and other electronics and components.
Should RadioShack disappear, it would follow in the footsteps of Blockbuster, another retailer that couldn’t compete with online stores and a changing shift in consumer behavior.
RadioShack can still appeal the NYSE’s decision to suspend trading.
Shares in RadioShack ended at 24 cents on Monday, losing 4 cents.