After RadioShack filed for bankruptcy in 2015, a new company — formed by a partnership between Sprint and the Shack’s new owners at Standard General — rose out of the ashes. Now comes news that this company, General Wireless, may also be facing bankruptcy. [More]
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Radioshack Creditors Claim Pre-Bankruptcy Shenanigans Go Back To Early 2014
By 9.1.15
The electronics retailer RadioShack had been obviously doomed for a while, finally declaring bankruptcy in February of 2015. Yet lenders kept giving the company money to keep the lights on and keep paying employees to ask for phone numbers and buy extended warranties. Now a group of junior creditors have filed a lawsuit against former Radioshack leaders and the hedge fund Standard General, alleging that this whole bankruptcy was deliberately planned to deliver RadioShack to Standard General at a fire-sale price. [More]
Sprint Opening For Business Inside 1,435 RadioShack Stores Today
By 4.10.15
Things move fast when you’re in the newlywed phase, and Sprint is no exception: Only a few weeks after Standard General acquired 1,740 RadioShack stores at a bankruptcy auction, Sprint will be opening stores inside 1,435 RadioShack locations today. Soon, those stores will bear new co-branded Sprint-RadioShack signage. [More]
RadioShack CEO Resigns As Company Prepares To Open New Stores Later This Month
By 4.2.15
After getting a glimpse at what the new co-branded RadioShack/Sprint stores will look like, the company is preparing to unveil the brand spanking new stores later this month. Meanwhile, RadioShack’s CEO is exiting the scene before the debut after failing to successfully steer the company away from bankruptcy over the last two years. [More]
Bankruptcy Court Approves Sale Of 1,740 RadioShacks To Standard General
By 3.31.15
The Great RadioShack Bankruptcy Auction Standoff may be over. The 94-year-old electronics retailer declared bankruptcy in February, and then closed around half of its stores, selling their leases. The company wanted to rid itself of the rest of its stores before April began so they won’t have to pay April rent on all of those stores out of money that should be going to their creditors. [More]
Salus Capital Claims Shenanigans In RadioShack Bankruptcy Auction
By 3.30.15
Last week, it seemed like the bankruptcy auction for what’s left of RadioShack would be pretty straightforward. Standard General, one of the chain’s biggest lenders, would put up a small amount of cash and a large amount of their own debt to take over about 1,700 stores. Another lender called shenanigans on the whole sale, offering a cash bid and claiming that it was superior. Now the auction enters week 2. [More]
RadioShack’s Future Comes Down To Saving Jobs Or Raising Cash For Lenders
By 3.26.15
What is the purpose of auctioning off the assets of a company that has declared bankruptcy? Is it to keep some form of the company in business to keep workers employed, or is it to raise as much money as possible for creditors in order to make a dent in their losses? That’s the question in RadioShack’s bankruptcy auction. Bids are supposed to be finalized today, and there are two competing high bids: one that will keep a large number of stores open, and one that will raise cash for lenders. [More]
Now There’s A Bidding War For The Smoldering Remains Of RadioShack
By 3.25.15
Since RadioShack finally declared bankruptcy last month, the assumption has been that Standard General, a hedge fund that has lent the Shack large amounts of money for its failed comeback attempt, would win the bankruptcy auction. They would buy 1,700 or so of the stores that are left, along with RadioShack’s brand. Now a different lender has joined the bidding, but claims that the auction favors Standard General. [More]
Your Personal Data Could Be For Sale In RadioShack Bankruptcy Auction
By 3.24.15
Have you handed your name, address, e-mail address, or phone number over to RadioShack as part of a purchase or, inexplicably, when you returned an item that you bought with cash? As the bankruptcy auction of the smoldering remains of The Shack continues into its second day, we’ve learned that one of the assets for sale is RadioShack’s customer list, which includes more than 65 million mailing addresses and more than 13 million e-mail addresses. Update: The bankruptcy auction’s privacy ombudsman says that customer information isn’t for sale. Yet. [More]
RadioShack Bankruptcy Auction Continues: Unsecured Creditors May Not Get Much
By 3.24.15
Today is day 2 of the RadioShack bankruptcy auction. While selling the assets of a company that was once worth billions of dollars that still has thousands of stores isn’t a simple endeavor, the proceedings are going even slower than anticipated because other creditors object to the current high bid from Standard General. [More]
AT&T Asked RadioShack To Destroy Customer And Proprietary Information
By 3.23.15
The auction for the smoldering remains of RadioShack is happening right now at the offices of the company’s attorneys in New York City, and something caught our attention while we wait for news about the winning bidders and future of the Shack and its stores and employees. AT&T has filed an objection to the proceedings in court, asking RadioShack to destroy any sensitive information about customers and AT&T itself. [More]
RadioShack Selling Name Separately From Stores: Bids Start At $20 Million
By 2.25.15
In a bankruptcy auction, creditors want to extract as much money as they can from the company’s remaining assets that have any value. Recognizing that “Radio Shack” is a brand that people at least recognize, the company’s lawyers announced today in court that its name and intellectual property will sell separately from the store leases. [More]
