Radio Shack heading for bankruptcy

Radio Shack filing for bankruptcy.


ATLANTA, Ga. (CNN) – Radio Shack could be filing for bankruptcy as soon as next month.

The Wall Street Journal reports the struggling electronics retailer is considering that option.

The company has not responded to the report.

Meantime, radio shack has until Thursday to come up with $1 hundred million in cash and available credit. Otherwise, its creditors can pull its long-term financing with the company.

The retailer, which employed 24,000 people late last year, has made clear it is running dangerously low on cash after posting losses in each of the last 11 quarters.

Radio Shack has more than 5,000 stores. There are 12 in the immediate area with dozens more across Ohio.

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