|
Status: Not Logged In; Sign In
Economy
See other Economy Articles Title: Report: RadioShack to close all stores
Source:
KTRS
URL Source: http://www.ktrs.com/report-radiosha ... ll-stores-sell-half-to-sprint/
Published: Feb 2, 2015
Author: News
Post Date: 2015-02-02 21:38:48 by GeorgiaConservative
Keywords: radioshack, bankruptcy
Views: 1457
Comments: 5
(KTRS) – Radio Shack has been selling communication equipment since 1921, but according to Bloomberg, the retail chain will not be celebrating a 100th birthday. As part of a bankruptcy deal, RadioShack Corp. will be shutting down their entire chain of 7,000 tech stores, half of which will be reportedly sold to Sprint. According to the report, RadioShack locations that are sold to Sprint would operate under the wireless carrier’s name, meaning RadioShack would cease to exist as a stand-alone retailer. RadioShack received a rescue financing package from Standard General LP in October, and the hedge fund would serve as the lead bidder in a filing and provide debtor-in-possession financing after filing, said the people. That would allow the investment firm to recoup some of the costs of the $535 million loan. Liquidating the stores also would let RadioShack avoid a battle with lenders over control of the company.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
Begin Trace Mode for Comment # 4.
Replies to Comment # 4.
End Trace Mode for Comment # 4.
Top • Page Up • Full Thread • Page Down • Bottom/Latest
|
