About RadioShack Corporation
As one of the leading retail companies it has its focus on connecting customers with personalized solutions and discovering what’s possible through the latest in consumer technology.
RadioShack Corporation has announced the actions they’ll embark on in maximizing the company’s stakeholder’s value.
- The agreement signed between RadioShack and General Wireless Inc. is intended to oversee the smooth acquisition of the former’s US based company stores by the latter. To ensure its enforcement, RadioShack together with some of its subsidiaries have filed for relief, voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. There’s an opportunity for other interested parties to submit offers to RadioShack in a court approved process as part of this process.
- General Wireless Inc. has agreed with Sprint in principle on the terms to establish mobility “store within a store” retail in 1,750 of the stores acquired. In principle, the agreement will be subject to negotiations and court approval.
- RadioShack has filed for closure of all remaining company owned stores under an agreement with Hilco Merchant Resources. A complete list of all affected stores will be posted on the company’s website on RadioShackCorporation.com at the restructuring information section at a later date.
The US based company with 4,000 chain stores also has over 1,000 franchise outlets in 25 countries. In the announcement today, all other stores owned by RadioShack in the US were to experience the shutdown with the exception of its Mexican and Asian subsidiaries.
In filing for approval by the court, it has limited sale of any of its stores to government approval only.