Hundreds of RadioShack stores to stay open in wake of bankruptcy deal

Hedge fund Standard General bid $145.5 million during an asset auction

New York /
Apr.April 01, 2015 10:08 AM

A bankruptcy judge has approved the sale of RadioShack’s roughly 1,700 stores to the electronics retailer’s biggest shareholder.

The deal saves thousands of jobs as well as hundreds of the company’s storefronts, 250 of which were located in New York, Bloomberg reported. The buyer, hedge fund Standard General, is planning to manage the business together with Sprint Corporation, according to the website.

Standard General bid $145.5 million for the stores during an asset auction last week, but isn’t the only investor eyeing RadioShack’s real estate holdings, Bloomberg reported. Spring Mobile, which is part of video chain GameShop, won a previous auction to buy more than 160 stores. Spring has two months to decide which locations it wants, according to the website. RadioShack’s intellectual property will be auctioned off separately.

RadioShack entered bankruptcy with more than 4,000 stores, $1.2 billion in assets and a debt of $1.38 billion, according to court documents cited by the website. [Bloomberg] — Claire Moses


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Mayor Eric Adams (Photos by Paul Dilakian)
Eric Adams critiques DOB, wants to roll out “red carpet” for development
Eric Adams critiques DOB, wants to roll out “red carpet” for development
L-R: Douglas Elliman CEO Scott Durkin, Serhant CEO Ryan Serhant, Brown Harris Stevens CEO Bess Freedman, The Real Deal's Hiten Samtani (Photos by Paul Dilakian)
Top resi execs talk brand building, tech and politics at TRD NYC event
Top resi execs talk brand building, tech and politics at TRD NYC event
Southampton Village mayor Jesse Warren (Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Southampton Village allows owners to collect summer’s rent upfront
Southampton Village allows owners to collect summer’s rent upfront
G4 Capital's Robyn Sorid and a rendering of 313-315 Bond Street (G4 Capital, LinkedIn/Robyn Sorid)
Rabsky Group scores $92M loan for big Gowanus project
Rabsky Group scores $92M loan for big Gowanus project
135 West 50th Street in Manhattan in NYC with George Comfort & Sons CEO Peter Duncan (Google Maps, George Comfort & Sons Inc.)
George Comfort & Sons inks 62K sf tenant in Midtown
George Comfort & Sons inks 62K sf tenant in Midtown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...