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Electronics Chain RadioShack In Bankruptcy

(c) Sky News 2015

US electronics retailer RadioShack (NYSE: RSH - news) has filed for bankruptcy protection in a long-expected announcement.

The Fort Worth, Texas, company had suffered 11 consecutive quarters of losses.

RadioShack listed $1.2bn (£800m) of assets and $1.39bn of debts in its Chapter 11 filing in a Delaware court.

The firm, which first opened in 1921 as a mail-order retailer, said it planned to sell up to 2,400 stores of its 4,000 or so stores.

RadioShack tried to transform itself into a destination for mobile phone buyers, but business slowed as shoppers increasingly turned to online purchases.

The New York Stock Exchange suspended trading of its shares on Monday and sought to delist it.