Fort Worth-based Radio Shack finally filed for bankruptcy Thursday in Delaware.
The Chapter 11 filing for restructuring had been expected for many months and announced that the retailer has $1.2 billion in assets and $1.39 billion in debts.
The Dallas Morning News reports that Radio Shack also filed warning notices with the Texas Workforce Commission saying that a shutdown of the company means more than 1,000 job losses at headquarters and distribution facilities in Fort Worth.
Radio Shack General Counsel Bob Donohoo chose bankruptcy lawyers at Jones Day to be lead counsel in the case.
Two Jones Day lawyers who are playing lead roles in the bankruptcy are Dallas partner Gregory Gordon and Houston partner Thomas Howley.
For full details of the Chapter 11 filing, please read Dallas Morning News retail beat writer Maria Halkias’ terrific article here: bizbeatblog.dallasnews.com.