RadioShack files for bankruptcy

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FORT WORTH, Texas  --  Texas-based electronics retailer RadioShack has filed for Chapter 11 bankruptcy protection and announced the sale of its 2,400 stores.

RadioShack announced the move Thursday as news spread of it's mounting losses.  RadioShack has reported losses in each of the last 11 quarters.

The 94-year-old consumer electronics chain introduced the first mass-market personal computer.  However, a consumer shift to online purchases for home electronic needs and an inability to successfully adapt proved to be too much.

RadioShack was delisted by the New York Stock Exchange earlier this week.

According to published reports, RadioShack will sell up to 1,750 stores to Sprint Corp. and up to 2,700 stores to Standard General LP.

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    • bill fusion

      by the ways pay attention in video, you can see big sign saying 70% off, yet inside its only 25% off, hmm wonder why they are doing bad. Could be worse Walmart have items in clearance in which they barely take 1% off, honest

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