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Retail giant RadioShack files for Chapter 11

As some business owners can likely attest to, staying afloat can be challenging, especially in today's uncertain economy. In order to survive, companies must always be turning a profit. One bad business deal or mismanagement of finances can cause a company's profits to crash. When this happens, business bankruptcy may be the best option.

Many Michigan residents have shopped for electronics at the retail giant RadioShack. However, it has long been predicted that the company would hit hard times as a result of online competitors. Well, the company, which has been around for 94 years, is now facing these hard times and has filed for Chapter 11 bankruptcy.

RadioShack had recently struck a deal with Sprint and sold as many as 2,400 stores to the company. According to reports, RadioShack had failed to make a profit since 2011. Many predicted that the company would fall earlier than 2015, but the company survived. Sprint now owns between 1,500 and 2,400 of the 4,00 company-owned stores. The company will continue to survive and operate as usual as it goes through Chapter 11 bankruptcy, even if it is in a diminished form.

Chapter 11 Bankruptcy can sometimes allow companies to survive, even if initially the company must do so in a diminished form. However, with the time that Chapter 11 affords, companies can often restructure themselves and return from the bankruptcy stronger than ever. When undergoing the process, it is important to have a clear understanding of the many legal intricacies involved. Legal professionals with expertise in bankruptcy law can help business owners navigate through this process.

Source: New York Times, "RadioShack Files for Chapter 11 Bankruptcy After a Deal With Sprint," Rebecca R. Ruiz, Michael J. De La Merced, Feb. 5, 2015

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