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05 Feb 2015 21:29 #239053
by chairman
(Reuters) - Electronics retailer RadioShack Corp (RSHC.PK) filed for U.S. bankruptcy protection on Thursday and said it had a deal in place to sell as many as 2,400 stores to an affiliate of hedge fund Standard General, its lender and largest shareholder.
Wireless company Sprint Corp (S.N) would operate as many as 1,750 of those stores under an agreement with Standard General, Sprint said separately.
RadioShack's bankruptcy, which has been expected for months, follows 11 consecutive unprofitable quarters as the company has failed to transform itself into a destination for mobile phone buyers. But its sale agreement with Standard General could spare it the fate most retailers suffer in Chapter 11, liquidation.
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RadioShack files for bankruptcy, sell up to 2,400 stores
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