The technology retailer RadioShack, which has spiraled downward in recent months, is rapidly running out of money, CNN Money reports. The chain may not be around for much longer.
CNN says the retailer, which operates 4,000 stores, only has $62 million in the bank. Coffers may run dry as early as the fall of 2015.
RadioShack officials say they need to close roughly one of every five stores—a total 1,100 locations altogether—and it seems that the chain lacks the funds even to do that.
The chain has previously attempted to close stores, but failed to acquire the needed cash from its lenders.
The store has long struggled to makeover its brand, which, according to CNN, commentators see as obsolete. As technology has rapidly advanced, Radio Shack never regained its footing.
Even the company's own Super Bowl ad mocked its stores for being decades out of date.
"They have been irrelevant for a long time," said Robin Lewis, CEO of The Robin Report, a retail strategy newsletter. "If they're not the sickest patient in ICU, they're minutes away from being rolled in."
Stores like Amazon and other online shops have eclipsed the RadioShack model. Smartphones have also edged out the digital cameras and GPS systems that the chain makes its highest profits on.