This past February RadioShack, an American electronics retail chain, filed for Chapter 11 bankruptcy. The corporation is said to have baffled investors for years on how it managed to stay in business for so long, as its competitors, such as Apple, almost have a monopoly on the technology sold by Radio Shack. Eventually, the “changing technology and consumer habits” proved to be too much of a blow to conquer for the company and it was forced to file for bankruptcy. However, the future for RadioShack is not completely bleak. It has reached many settlements with other corporations such as Sprint and a decision has been made to keep many of its stores open.
The inconsistent economy and always changing developments finally dealt RadioShack a battle they could not win. Bankruptcy is a solution for years of hardships and difficult decisions, and is dealt with daily by hardworking people with unfortunate circumstances. A bankruptcy lawyer understands these conditions and can help anyone struggling. Call Elaine Fridlin, of Fridlin & Associates, at 718-372-4400 for a free consultation.