Wayne RadioShack Closing Amid Company's 2nd Bankruptcy Filing

WAYNE, N.J. — The RadioShack store in the Preakness Shopping Center is closing. The store is one of approximately 200 the retailer will close as part of its second bankruptcy filing in two years.

General Wireless, a joint venture of Spring and Standard General, a hedge fund, filed a Chapter 11 reorganization petition in U.S. Bankruptcy Court Wednesday. RadioShack previously filed for bankruptcy in February 2015.

The chain is "evaluating options" on its remaining 1,300 stores.

The company, founded in 1921, entered into a deal to sell between 1,500 and 2,400 of its stores to General Wireless and Sprint when it filed its first bankruptcy protection. There are also 425 independent dealers located nationwide. It was not immediately clear if the bankruptcy will affect any of those stores.

“Over the course of the past two years, our talented, dedicated team has worked relentlessly in an effort to revitalize the company and the RadioShack brand, while providing outstanding service to our customers," said Dene Rogers, RadioShack's president and CEO. "We greatly appreciate their hard work and dedication.”

RadioShack reduced operating expenses by 23 percent last year and saw gross profits increase 8 percent. FedEx pickup and drop-off services were integrated into 140 locations and delivered more than 700,000 Hulu.com login pins and sold more than 1 million RadioShack brand headphones and speakers as part of the turnaround, but it wasn't enough to mount the kind of turnaround the company needed to avoid filing another bankruptcy protection.

"We will continue to work with our advisors and stakeholders to preserve as many jobs as possible while maximizing value for our creditors," Rogers said.

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