RadioShack’s Chapter 11 Bankruptcy has ended
Posted on Wednesday, May 20th, 2015 at 6:48 pm
Texas-based electronics corporation RadioShack has exited bankruptcy after Standard General LP bought its brand at an auction for $26.2 million, Business Insider stated on May 13.
Reports revealed that 1,743 stores and 7,500 employees of RadioShack were spared last March after a $160 million deal was secured with the hedge fund firm. Standard General now is entitled to several of RadioShack’s rights that will be incorporated in their business. After it suddenly closed many of its stores in January, RadioShack sought bankruptcy protection in February in an attempt to settle more than $1 billion worth of debt. A RadioShack section may be seen in some Sprint stores, as Sprint has a deal with Standard General LP.
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