Radio Shack started in Boston as a local dealer of electronic stuff, particularly for amateur ("ham") radio operators. (Hence, the origin of the name.) Tandy was an established purveyor of leather goods, particularly for hand-crafting types making fancy belts, boots, gun holsters, etc. For whatever reason, Tandy bought RadioShack and took them national by opening hundreds and then thousands of retail storefronts.
Alas, they mismanaged them into bankruptcy by assuming RadioShack was just another storefront selling a particular line of goods. They seemed to hire people with zero passion (or even basic knowledge) of electronics, and they were seemingly managed by people in the general retail trades with no particular knowledge or understanding of electronics. Many of us thought they were doomed when they started selling more consumer goods, particularly cell phones, and televisions and toys, etc. Of course, maybe they were just trying to stay in business by expanding their product line to appeal to a wider audience.
Allied was an established general-line industrial distributor of electronic components, etc. but with a strong mail-order retail business. They also developed a line of kits ("Knight Kit") that was a minor competitor to HeathKit. I grew up as a kid looking forward to the Allied catalog like other kids pursued toys. It was always puzzling to me that Tandy bought Allied when they seemed barely competent(?) to manage Radio Shack. But that only lasted for a few years, and thankfully Allied lived through the experience and continues on today.
And there are many examples of former respected name-brands now just a meaningless label slapped on generic junk made in a 3rd world factory somewhere.
Here in 2017, I can typically get anything I used to buy at RadioShack from Amazon. Typically for the same or better price, better selection of good-quality items (or cheap Chinese stuff if I choose). And delivered right to my door in a couple of days. It used to take me that long to arrange time away from the office to drive to a RadioShack storefront shop and then have to deal with the ignorant retail clerks. So maybe RadioShack was doomed as a neighborhood brick-n-mortar retail shop even if Tandy hadn't mismanaged them.
The concept of Adafruit buying RadioShack seemed like completely preposterous "fake news" from the moment I heard it. But Adafruit is making themselves into an impressive manufacturer of products sold by the likes of Mouser, DigiKey, Newark/Element14, Allied, et.al. Their "how-ya-doin" style of online videos leaves me rather cold, but I have to sit through the fooling-around to see some decent content eventually.