Business
RadioShack is RadioSaved by a hedge fund that will add the Sprint name to its stores
IMAGE: CORBIS/NAJLAH FEANNY
More than half of RadioShack stores will stay open, thanks to the approval of a bankruptcy plan.
The deal gives approval for Standard General, a hedge fund, to buy up 1,740 stores, which will then be co-branded with wireless company Sprint.
A Delaware bankruptcy judge approved the plan on Tuesday in lieu of another cash bid that could have meant more money for the company's creditors, but would have also closed the stores. The move saves about 7,500 jobs, according to the Associated Press.
IMAGE: CORBIS/RICHARD LEVINE
The deal, however, does not save every Radio Shack outlet. Standard General is not buying about 900 of the existing locations.
In February, the company filed for bankruptcy soon after being delisted from the New York Stock Exchange. Its stock had been trading below $1 in June 2014.
IMAGE: CORBIS/SHAWN THEW
In the 1980s, RadioShack had more than 7,000 stores and helped bring personal computing to people across the U.S. The emergence of bigger retailers like Best Buy along with the growth of ecommerce cut into the company's sales, a decline it was not able to stop.
IMAGE: JASON SCOTT / INTERNET ARCHIVE
The company even sold its own line of computers, which competed with Apple and Commodore as some of the personal systems meant for home use.
IMAGE: JASON SCOTT / INTERNET ARCHIVE
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