RadioShack closing 13 stores in Iowa

The Chapter 11 bankruptcy filing Thursday by electronics retailer RadioShack is expected to result in the closing of two stores in Cedar Rapids and 11 others across Iowa.

A 'potential store closure list” released by Fort Worth, Texas-based RadioShack lists locations in Ankeny, Council Bluffs, Davenport, Des Moines, Marshalltown, Mason City, Newton, Ottumwa, Sioux City, Waterloo and West Des Moines. The document lists a total of 1,784 locations from around the country.

Founded in 1921, the 94-year-old company operates stores in the United States, as well as parts of Europe, South America and Africa.

RadioShack's prepackaged bankruptcy filing includes a plan for hedge fund Standard General LP - its largest shareholder - to buy 1,500 to 2,400 of its stores.

Wireless company Sprint Corp. would operate as many as 1,750 of those stores under an agreement with Standard General, Sprint said separately.

RadioShack listed assets of $1.2 billion and liabilities of $1.39 billion in its bankruptcy petition in a Delaware court.

RadioShack warned in September that it could file for bankruptcy protection if talks with lenders and stakeholders about a sale or a restructuring failed. The company's top lenders include Standard General and Salus Capital Partners.

In addition to its company-owned stores, about 20 percent of RadioShack's roughly 5,000 locations worldwide are run by independent franchisees. Many of the stores are located in towns where there are few other places to shop.

While many of the franchise owners have money invested in inventory, products supplied by RadioShack can be purchased from other suppliers - domestic and overseas.