Friday, March 20, 2015
Last Chance For RadioShack In Bankruptcy Auction Monday
It looks like bankrupt Fort Worth-based electronics retailer RadioShack has one last chance at survival Monday, as it heads to the auction block, with only one bidder--creditor Standard General--saying it is making a bid on the ailing chain. Standard General said Thursday that it is looking to bid $145.5M for RadioShack's assets, with a whopping majority of that bid in cancellatoin of debts that RadioShack already owes the company. Standard General's bid reportedly only requires the company to come up with $18.6 million in cash to acquire RadioShack's assets. According to widespread reports, the only alternative would be complete liquidation of RadioShack, which already shut down thousands of stores earlier this year.