RadioShack is saying goodbye to 1,700 of its retail stores across the U.S. after filing for Chapter 11 Bankruptcy.
The closures started Friday with authorization from Judge Brendan Shannon, only one day after the electronics retailer went to U.S. Bankruptcy Court in Wilmington, Del., seeking bankruptcy protection, according to the Wall Street Journal.
RadioShack is looking to sell some of its stores to save some of its business, and it argued that losing a weekend of liquidation sales would cause heavy damage to its business. As a result, the company managed to make a deal that allowed it to spend its cash over the weekend. So far, 2,100 locations have been marked for liquidation.
The sale has already attracted several big tech companies, including Sprint, which is in position to get its hands on 1,750 of the company's stores, WSJ reported.
The Fort Worth, Texas-based company has formed a joint venture with Hilco Merchant Resources, Gordon Brothers Group and Tiger Capital Group to make sure the closing process doesn't experience any problems, GlobeNewswire reported.
The closing stores are offering discounts of up to 50 percent off top-brand headphones and speakers, wearable technology, connected home gadgets, power accessories, smart toys, home entertainment and other devices. RadioShack is cutting prices on electronic components and batteries, and consumers will also be able to get good deals on store fixtures and equipment.
"RadioShack is well known for carrying an incredible range of merchandise and consumers are encouraged to take advantage of the fantastic deals right away while the selection is best," a spokesperson for the joint venture said. "Deep discounts coupled with the high demand for consumer electronics merchandise will make this a very short sale."