RadioShack might finally say goodbye after numerous quarters of losses as it prepares to file for bankruptcy on February, according to a report from the Wall Street Journal.
The electronics retail company had to come up with $100 million on or before Jan. 15 or else financing for RadioShack will be halted. The American franchise only generated about $63 million during the holiday shopping season.
CNN reported that the electronics retailer failed to close 1,100 out of 5,000 stores since March in 2014. RadioShack had the cash to close only 175 of its stores at the end of October.
It tried to gain customers through a Super Bowl ad in 2014. The ad featured famous stars from the 80s such as Alf, Erik Estrada and Hulk Hogan.
RadioShack, which sells electronics parts and equipment, was first started way back in 1921 by brothers Milton and Theodore Deutschmann. The first store initially sold components for ham radios. It was then acquired by Tandy Corporation, a leather products firm, in 1962.
Its sales started dwindling in 2012 and continued until 2014, when it announced that it had a 2013 net trading loss of more than $400 million.
However, Salus Capital Partners offered the Texas-based firm $500 million to fund RadioShack. It has until Thursday to decide whether to accept or reject the bailout offer, Reuters reported.
Shares have declined by almost 60 percent after it announced its bankruptcy with the price averaging under $1.
RadioShack does not have any official announcements as of now.