RadioShack (OTCPK:RSHCQ) won court approval of a lender takeover that will send the retailing operation out of bankruptcy trimmed-down, but still selling electronics. Tuesday’s decision from Judge Brendan Shannon clears the way for Standard General to save 1,743 stores and 7,500 jobs in a streamlined relaunch of the business. An existing senior lender, Standard General offered more money than rivals, and was the only bidder to offer the “added and terribly important benefit of saving more than 7,000 jobs and preserving a century-old American retailing icon,” the judge said in approving the sale. Overtaken by newer retailers, the one-time electronics pioneer was weighed down with some 4,000 outlets and too much debt when it filed for Chapter 11 bankruptcy. Source
Post Re-Org
