"RadioShack Reaches Asset Purchase Agreement with Affiliate of Standard General To Acquire up to 2,400 Stores" $RSH

Press release:

FORT WORTH, Texas, Feb. 5 , 2015 -- RadioShack Corporation announced today several actions intended to maximize value for the Company’s stakeholders.
1) RadioShack has signed an asset purchase agreement with General Wireless Inc., an affiliate of Standard General L.P. (“Standard General”). General Wireless has agreed to acquire between 1,500 and 2,400 of RadioShack’s U.S. Company-owned stores. To effectuate this transaction and an orderly sale of the Company’s remaining assets, RadioShack and certain of its U.S. subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. As part of this process, other parties will have an opportunity to submit offers for RadioShack’s assets in a court-approved process. The sale agreement is subject to court approval and other conditions. RadioShack’s foreign subsidiaries and its franchisee-owned stores are not included in the filing.
2) General Wireless, the entity formed to acquire the stores under the asset purchase agreement, has agreed in principle on terms with Sprint to establish a new dedicated mobility “store within a store” retail presence in up to 1,750 of the acquired stores. This agreement-in-principle is subject to negotiation of definitive documentation as well as court approval.
3) In addition, the Company has filed a motion with the Court to proceed with the closure of the remaining company-owned stores under an agreement with Hilco Merchant Resources. A list of the stores slated for closure will be posted in the near future on the restructuring information section of the company’s web site at www.radioshackcorporation.com. Stores that are closing are expected to sell remaining inventory.