1,740 RadioShack outlets salvaged in new bankruptcy plan
US electronics retail veteran RadioShack has come back from the brink after striking a new bankruptcy deal which will save over half of its stores.
The 94-year old firm, which filed for bankruptcy 6 February, has come to agreement with hedgefund Standard General which will snap up 1,740 stores which are to be co-branded with wireless firm Sprint.
Mashable reports that a Delaware judge ruled in favour of the deal which will salvage as many jobs as possible - an estimated 7,500 positions.
The deal will however see 900 outlets shuttered.
In the early stages of RadioShack’s bankruptcy last month, e-commerce giant Amazon was courting the idea of purchasing some of the floundering retailers’ outlets in a bid to establish a physical presence in the US.
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