RadioShack Reportedly ‘Preparing to Shut Down’

iStock Editorial/Thinkstock(NEW YORK) — America could be about to say goodbye to RadioShack.

Citing sources familiar with the matter, Bloomberg reports RadioShack “is preparing to shut down the almost-century-old retail chain in a bankruptcy deal that would sell about half its store leases to Sprint Corp. and close the rest.”

In a Securities and Exchange Commission filing last year, the troubled retailer said, “There can be no assurance that our efforts to further restructure our debt or operations will be successful. Even if successful, our restructuring efforts could have materially adverse effects on our business and on the market price of our securities.”

“If our restructuring efforts are not successful, or cannot be completed in a timely manner, or if we are unable to improve our liquidity or if we fail to meet certain conditions of the recapitalization plan described in Note 4 — ‘Restructuring and Impairment,’ we may be required to seek to implement in-court bankruptcy proceedings, which could result in a default on our debt with our lenders and/or the liquidation of the Company and the loss of your investment in the Company,” the company continued.

In the latest quarter, RadioShack said its sales plunged more than 16 percent compared with the year before.

The company’s stock price has fallen 90 percent in the past year.

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