US-based electronics retailer RadioShack has announced that it will be shutting down after 94 years in business.

RadioShack filed for bankruptcy on Thursday evening and revealed plans to sell off between 1,500 and 2,400 stores to a number of companies including Standard General and Sprint, reports Forbes.

The companies will work together to launch a number of store-within-store concepts in an attempt to keep the RadioShack flame alight.

It filed with $1.2 billion in assets, $1.38 billion in liabilities and listed about 100,000 creditors, as the rapidly changing tech market became increasingly difficult to keep up with.

Introduced in Texas 94 years ago as a shoe repair shop, RadioShack found success in the adoption of radio between the 1920s and 1930s.

It sold its first mobile in 1984, eventually selling more than 73 million over a number of decades, as well as becoming one of the top sellers of the Walkman, CD players and mini disk players.

RadioShack currently owns about 4,000 stores in the US, and more than 1,000 dealer franchise stores in 25 countries.