Standard General, which bought 1,700 RadioShack store leases in March, made the winning bid of $26.2 million for the Fort Worth-based electronic chain’s brand name, customer data and other intellectual property, according to the hedge fund.
In March, Standard General won the store auction with a bid worth about $145.5 million for 1,700 of the chain’s 4,000 locations.
The proposed sale of customer information that the chain has collected over the years drew objections from 37 state attorneys general, who expressed concern about how a potential buyer might use the data and exactly what information was being sold.
RadioShack, which has not turned a profit since 2011, sought bankruptcy protection in February after years of financial struggles.
The company, founded in Boston in 1921, began as a distributor of mail-order ship radios, ham radios and parts. In postwar era, it made a name for itself selling high-fidelity audio components, calculators, early personal computer systems and mobile phones, and the computer industry’s first laptop.
RadioShack and Standard General will mediate with the states to resolve their concerns, according to court filings.
That mediation is set to begin Thursday before Leif M. Clark, a retired U.S. bankruptcy judge in Texas. – This report contains material from the Associated Press and Washington Post/Bloomberg