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Friday, March 5, 2021

RadioShack must face gift-card lawsuit as dismissal bid fails

RadioShack Corp. lost its bid to throw out a lawsuit by the Texas attorney general on behalf of consumers who hold the bankrupt retailer’s gift cards, complicating its effort to wind down.

The ruling comes a month after the company filed its plan to liquidate in bankruptcy, explaining how its remaining assets will be distributed. The plan followed the sale of about 1,700 of the Fort Worth-based chain’s stores and rights to its name to hedge fund Standard General LP.

Standard plans to run the locations under a co-branding arrangement with Sprint Corp. In addition to buying the stores for about $145.5 million, Standard General purchased data on about 67 million customers in a $26.2 million deal for assets including the RadioShack name.

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