It's a move many have predicted for some time: RadioShack is probably going to file for bankruptcy protection.

According to a Wall Street Journal report citing unnamed sources, the cash-poor retailer could submit its filing as soon as February 2015. A RadioShack spokesperson e-mailed Ars to say, "We decline to comment except to say that RadioShack has not confirmed any of the information that is being reported." The Texas-based firm did not deny the Journal’s report, however.

Bankruptcy protection wouldn't necessarily mean that RadioShack intends to go out of business. Rather, it would mean RadioShack would be given a certain period of time to rebuild itself and shield itself from creditors. In a similar situation from September 2013, a smaller Kodak emerged from bankruptcy.

In December 2014, after RadioShack posted its most recent third fiscal quarter earnings statement, the company revealed a quarterly net loss of over $161 million—and a nearly $400 million net loss on the fiscal year to date. By comparison, RadioShack lost over $216 million in the first nine months of 2013.

To put it plainly, things did not look good in that filing:

We have experienced losses for the past two years that continued to accelerate into the third quarter of fiscal 2015, primarily attributed to a prolonged downturn in our business. Our ability to generate cash from operations depends in large part on the level of demand for our products and services. We continue to face an uncertain business environment and a number of fundamental challenges in our mobility business due to lack of availability of new devices launched during the period, aggressive price competition and intense wireless carrier marketing activities. Our retail business also faces the challenge of revamping our product assortment to anticipate and meet our customers’ needs and wants to produce profitable operating margins. We believe these challenging market conditions will continue into fiscal year 2016.

RadioShack added that it has closed 175 "underperforming stores since the beginning of the current fiscal year," with more likely on the way. "There can be no assurance that our efforts to further restructure our debt or operations will be successful," the filing continued. "Even if successful, our restructuring efforts could have materially adverse effects on our business and on the market price of our securities."

RadioShack’s stock price has fallen by over 85 percent over the last year, and it opened Thursday down 23 percent since the markets closed on Wednesday.

Back in 2007, the satirical newspaper The Onion offered this prescient headline: "Even CEO Can't Figure Out How RadioShack Still In Business." In late 2013, Ars named RadioShack as one of five companies under “deathwatch” for 2014.