A RadioShack store is pictured in the Manhattan borough of New York January 15, 2015.
Credit: /Carlo Allegri
- 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.
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