On Monday, it was reported that RadioShack is preparing to close its doors for good, in a bankruptcy deal in which Sprint would take over half of the stores and close the rest. While the negotiations could still break down or the terms could change, the end game seems to have arrived. Shown, a New York City store in 2010. CREDIT: Bloomberg News photo by J.B. Reed).
General Wireless Operations Inc. announced today its official purchase of the RadioShack brand for $216.2 million, with the stores – 1,743 of them – continuing to operate under the RadioShack name.
General Wireless is an entity of the Standard General hedge fund, which acquired the stores following a bankruptcy auction earlier this year.
“We are excited to be moving forward as a new and reinvigorated company under one of the most recognized consumer brand names of all time,” said Ron Garriques, CEO of RadioShack. “Our stores serve over 1,200 communities, providing high-quality, high-value consumer electronics and accessories from globally recognized manufacturers and increasingly, with this acquisition, from exclusive brands that our customers know and trust such as Realistic, AUVIO, ENERCELL Optimus and more.”
Garriques was named CEO in April. He was previously with Motorola and Dell.