When a company has filed for bankruptcy and is closing stores, should the leaders who helped it to get there be rewarded with bonuses? That question has come up in the proceedings for RadioShack’s second bankruptcy in just over two years, and the company’s creditors and court-appointed trustee have responded with a resounding “nope.” [More]
radioshack bankruptcy
Should RadioShack Executives Get $1.4 Million In Bonuses? No, Say Creditors
By 4.20.17 — Updated: 5.9.17
Here Are The 365 Stores RadioShack Wants To Close Next
By 3.16.17 — Updated: 5.9.17
RadioShack recently filed for Chapter 11 bankruptcy protection for the second time in just over two years, and the electronics chain has announced plans to close somewhere between 530 and all of its stores, making final decisions in the coming weeks. What we do know is that the company has begun another round of store closings, and a likely list of stores slated to close was filed in the Shack’s bankruptcy case. [More]
Radioshack Franchisee On Martha’s Vineyard To Close, Store Dog Will Also Retire
By 1.7.16
Radioshack’s bankruptcy last year led to the closure of more than half of its stores, and the sale of others to one of the company’s major secured creditors. Yet the bankruptcy also affected the 700 or so remaining RadioShack dealers and franchisees, including Vineyard Electronics, a franchisee that has kept the island supplied with gadgets since 1981, and is now closing. [More]
People Holding Onto RadioShack Gift Cards Can Now File Refund Claims
By 12.4.15
If you’re one of millions of consumers holding on to an older RadioShack gift card, listen up: the retailer has begun the process of issuing refunds for the balance of those cards — totaling $46 million. [More]
Judge Approves Final Plan For RadioShack Bankruptcy
By 10.1.15
RadioShack’s bankruptcy filing back in February probably surprised no one, and it’s also not surprising that it has taken almost eight months to sort out the affairs of a company that was 95 years old and had 4,000 stores. While many of the chain’s stores were saved and continue under a new owner, and some creditors will be paid in full, the bankruptcy won’t end well for the Shack’s unsecured creditors. [More]
State AGs And Former RadioShack Reach Unredeemed Gift Card Settlement
By 9.10.15
There’s good news for holders of old RadioShack gift cards: people who purchased cards directly at stores or from gift card kiosks will get their money back, instead of either forfeiting the funds or filing a claim in the bankruptcy, metaphorically getting in line behind companies owed thousands or millions of dollars. [More]
RadioShack Agrees To Pay Outstanding Gift Card Balances Before Paying Other Debts
By 8.26.15
The state attorney general of Texas, home state of the company formerly known as RadioShack, wasn’t pleased that the electronics retailer went out of business with an estimated $46 million in gift cards outstanding. Normal bankruptcy procedure is that gift card holders who don’t cash in their cards before the deadline–usually 30 days after the company files for bankruptcy status — are out of luck. Thanks to the TX AG, the American public won’t have to shrug off the loss of that money… unless they lost their gift card. [More]
Texas Attorney General Still Seeks RadioShack Gift Card Justice
By 8.11.15
RadioShack still says that they can’t identify the purchasers or the holders of the estimated $46 million worth of gift cards that are still out there for the chain. While there are still RadioShack stores, those are owned by a different company and won’t accept the old gift cards. The Attorney General of Texas, Ken Paxton, wants to make sure that gift card holders know that the Shack owes them money. [More]
Former RadioShack’s Lawyers And Lenders Agree To Keep Talking About Settling
By 6.26.15
Since the beginning of RadioShack’s bankruptcy proceedings back in February, the lower-ranking or “junior” lenders in the company’s debt pile have claimed that the entire proceedings were full of shenanigans. As the proceedings wind down and lenders and lawyers sort out the final disposition of everything, everyone at least agrees on one thing: the bankruptcy will not convert from a Chapter 11 to a Chapter 7 to save money on lawyers. [More]
There’s Still $43 Million In Outstanding RadioShack Gift Cards, And Texas Wants To Rescue It
By 6.19.15
When a retailer looks like it might be in danger of going out of business, we warn gift card holders to use their cards soon, before the company declares bankruptcy and the cards lose their value. Not everyone has the good sense to read Consumerist, though, and that’s why the Texas Attorney General wants the smoldering remains of RadioShack to put aside some money for gift card holders. [More]
RadioShack Sells Last Thing Of Value It Owns: $50 Million Worth Of Property
By 6.18.15
In its bankruptcy auction, RadioShack has sold its store leases, the merchandise in most of its stores, and even key intellectual property assets like its customer mailing lists and “TheShack.com.” Now the company has found buyers for its last multimillion-dollar assets: property in Texas and regional facilities in Maryland and in California have been sold, taking in about $50 million that will go to the company’s creditors. [More]
Here’s Your Last Chance To Do Anything With A RadioShack Gift Card
By 6.16.15
If you’re a person interested in retail bankruptcy, you’ll want to learn about how unsecured creditors hope to extract money from the smoldering remains of RadioShack. If you’re someone who recently discovered that they’re stuck with a RadioShack gift card, you’ll want to learn about how you can file your own claim against this trust and maybe get a tiny bit of money back. [More]
RadioShack, AT&T, And Verizon Come To Agreement Over Customer Data
By 6.10.15
When quasi-relevant electronics retailer RadioShack declared bankruptcy earlier this year, one worry for consumer advocates was that the company would sell the bushels of consumer data that it has collected on people while selling them batteries. The new owners of the RadioShack brand, General Wireless, agreed to strict terms for consumer data, which now includes segregating data from purchases of AT&T and Verizon Wireless merchandise. [More]
RadioShack Will Not Be Selling Your Phone Number To New Owners
By 5.20.15
If you’re part of the 117 million or so names on RadioShack’s mailing list, we have good and bad news for you. Today, the Shack and various states’ attorneys general came to an agreement about what customer data may be sold to RadioShack’s new owners, and under what circumstances. Everyone has agreed that the Shack won’t be handing over customer phone numbers, but they also will be giving people on the mailing list only a week to opt out. [More]
The RadioShack Bankruptcy Consumer Privacy Report Is Out
By 5.18.15
The most controversial part of the RadioShack bankruptcy auction has been the proposed sale of the company’s extensive collection of e-mail addresses, phone numbers, and mailing addresses. Everyone from Apple to most states’ attorneys general objects to this sale, which goes against the company’s privacy policy. That’s why the bankruptcy court appointed a privacy ombudsman to evaluate the situation and lay out some rules for how that information will be passed to the new owners of the RadioShack brand…or not. [More]
Well, Someone Bid $15 Million For What’s Left Of RadioShack
By 5.12.15
The controversial sale of RadioShack’s intellectual property continues: an attorney who represents the chain’s network of franchisees and dealers says that the current high bidder is the most logical buyer for the name and intellectual property: the same affiliate of hedge fund Standard General that purchased fewer than half of RadioShack’s stores and is running them in partnership with mobile carrier Sprint. Update: The final bid was $26.2 million. [More]
RadioShack Bankruptcy Math: The Better-Known Your Company Is, The Less Its Name Is Worth
By 5.5.15
Bids are due tomorrow in the auction for RadioShack’s intellectual property. Consumerist has ultimately decided not to offer twenty bucks for TheShack.com, but we’re still following the auction with interest. Mostly, we’re wondering who is interested in the big prize: the right to call oneself “RadioShack.” [More]
RadioShack Employees Had No Idea Whether Their Stores Were Doomed
By 4.29.15
Moderately perceptive RadioShack employees could look around their stores and follow the news in recent years and tell that something was about to happen to their employer. Yet RadioShack employees had very little information about what was happening to their stores and whether they could expect to have jobs in the future. [More]
