February 05, 2015
Electronics retailer RadioShack Corp filed for Chapter 11 bankruptcy protection and said shareholder Standard General LP would buy 1,500 to 2,400 of its stores.
RadioShack listed assets of $1.2 billion and liabilities of $1.39 billion in its bankruptcy petition in a Delaware court.
The company warned in September that it could file for bankruptcy protection if talks with lenders and stakeholders about a sale or a restructuring failed.
RadioShack's top lenders include hedge fund Standard General LP, which is also its largest shareholder, and Salus Capital Partners.
Sprint Corp said it would set up co-branded stores in up to 1,750 of the stores acquired by Standard General's General Wireless Inc.
The case is In Re: RadioShack Corp, Delaware Court, District of Delaware, Case No: 15-bk-10197.
