The New York Stock Exchange suspended trading of RadioShack stock after word surfaced that the company was about to shut down its stores.
RadioShack employs more than 27,000 at locations worldwide, including more than 4,000 company-operated stores in the U.S. and Mexico. They have a dozen stores in and around the Quad Cities including locations in Burlington, Macomb, Galesburg, Aledo, Kewanee, Geneseo, Clinton, Dixon (Illinois), two stores in Moline and two more in Davenport.
The 4,000 store locations remained open after the company announced plans in March 2014 to close more than 1,000 stores.
A possible bankruptcy deal that includes closing about half of the stores, with leases on the other half going to Sprint Corp., was being negotiated according to Bloomberg Business. The deal was far from final, and Sprint was not the only party interested in possibly acquiring some of the RadioShack assets, the report said.
Trading of Fort Worth, Texas-based RadioShack stock halted at the market close Monday, February 2, when their stock closed at 24 cents a share on the NYSE. Trading of RSH was suspended February 3 and their common stock was delisted by NYSE. The average value total was below $50 million for 30 consecutive trading days and stockholders’ equity of the Company was below $50 million, according to a January 22 statement from RadioShack.
RadioShack’s fiscal year ended January 31, and the company had reported financial losses every quarter for nearly three years.
The electronics retailer’s website was still operational for shoppers Tuesday, February 3, 2015.
