Yesterday, 2:53 AM
- Salus Capital Partners, a RadioShack (NYSE:RSH) lender, has asked U.S. Bankruptcy Judge Brendan Shannon to intervene in the auction of the electronics retailer, saying its $271M joint bid to liquidate the chain that was "materially superior" to that of Standard General's.
- Standard is offering to pay for most of its offer in the form of a "credit bid," or debt forgiveness.
- The outcome is will likely be announced this morning, when Shannon is scheduled to approve the results of the auction.
Wed, Mar. 25, 2:03 AM
- Countering the bids of several liquidators, Standard General has increased its offer for 1,740 stores of bankrupt electronics retailer RadioShack (NYSE:RSH), raising its original $145M bid by at least $20M with a promise to keep 7,500 jobs.
- According to sources, the auction is being complicated by disputes among creditors over how the hedge fund would pay for its bid. Much of Standard's offer is taking the form a "credit bid," or a pledge to forgive some of what it is owed.
Mon, Mar. 23, 3:55 AM
- RadioShack's (NYSE:RSH) fate hangs in the balance today when a bankruptcy auction kicks off, pitting companies that want to liquidate the retailer's remaining assets against a hedge fund that has vowed to keep about half the chain's stores open.
- Standard General, which has allied with Sprint (NYSE:S) in a bid to create co-branded outlets, calls its offer the "only hope" for RadioShack to survive bankruptcy and stave off liquidation.
Fri, Mar. 20, 2:40 AM
- Standard General's reduced buyout offer of $145.5M is RadioShack's (NYSE:RSH) only hope of surviving bankruptcy and staving off liquidation, the hedge fund's lawyers said yesterday.
- The offer is less than the earlier estimate of $200M because it only covers 1,723 outlets compared with the 2,000 Standard General sought originally.
- The offer also requires RadioShack’s proposed new owner to come up with only $18.6M in cash. The rest of the offer is in the form of a "credit bid," or offer to cancel debt.
- Standard intends to keep about half of the stores open and operate them under an agreement with Sprint (NYSE:S).
Fri, Feb. 27, 4:13 AM
- GameStop (NYSE:GME) will likely increase the number of its Spring Mobile stores after the company bid for the right to take 163 leases over from electronics retailer RadioShack (NYSE:RSH), which filed for bankruptcy this month.
- RadioShack will ask U.S. Bankruptcy Judge Brendan Shannon today to approve the agreement with GameStop, which had 311 Spring Mobile stores on record as of November.
Thu, Feb. 26, 2:09 AM
- RadioShack (NYSE:RSH) has received approval from a U.S. Bankruptcy Court judge to auction off about 2,000 of its stores with an initial $200M bid from hedge fund Standard General.
- Standard is planning to keep about half of the company's stores open and operate them under an agreement with Sprint (NYSE:S).
- RadioShack lawyers also said the company received bids for leases to 205 of the 1,100 locations it plans to close this month, including interest from a unit of GameStop (NYSE:GME).
- Previously: GameStop interested in some RadioShack locations (Feb. 25 2015)
Wed, Feb. 25, 12:50 PM
Thu, Feb. 12, 10:58 AM
- Sprint's (NYSE:S) 2.6% gain today adds to a three-day rise of 6.5% -- and +20% over a newsy past week that started with fiscal Q3 earnings showing the return of customer growth.
- The company is going against the industry grain by showing support for Title II reclassification by the FCC -- new regulations that are opposed by AT&T, Verizon and T-Mobile.
- "Our competitors are going to continue to invest [in networks] so they are representing a situation that won't play out," says Sprint CTO Stephen Bye.
- Network investment is a key issue for Sprint -- it has a lot of work ahead to unify its LTE bands, and it still lags AT&T/Verizon in network quality (though it's moving up).
- Meanwhile, dealing with RadioShack (NYSE:RSH) on some 1,750 co-branded stores gives a shot in the arm to Sprint distribution, which was strained by long lines during their recent "Cut Your Bill In Half" and "IPhone For Life" promotions.
- Shares are now up 36% off their 52-week low from mid-December.
Tue, Feb. 10, 2:12 AM
- RadioShack (NYSE:RSH), which filed for Chapter 11 bankruptcy last week, has received court approval for its proposed bankruptcy financing as it races to sell out and shut down some 1,100 stores by the end of the month.
- U.S. Bankruptcy Judge Brendan Shannon granted interim approval to the $285M financing arrangement with existing lenders, which ultimately will make about $20M in new money available.
Thu, Feb. 5, 5:26 PM
- As widely expected, RadioShack (NYSE:RSH) filed for Chapter 11 bankruptcy in Delaware, saying it has $1.2B in assets and $1.39B in debts.
- The plan reportedly includes an asset-buy deal with Standard General (its largest shareholder) and Sprint for a "store-in-store" model that would allow the RadioShack name to exist in some of the acquired shops.
Wed, Feb. 4, 7:57 PM
- The end is near for RadioShack (NYSE:RSH), as Bloomberg reports the company is nearing an agreement with creditors that would put it in bankruptcy by tonight or Thursday morning.
- RSH reportedly would sell leases on as many as 2,000 stores to Sprint (NYSE:S) and Standard General, its largest shareholder, the rest of the 4,000-plus U.S. stores would be closed.
- The NYSE would suspend trading and delist the stock.
Tue, Feb. 3, 12:17 PM
- Retail space continues to open up as more companies look to trim their store counts or reposition themselves in front of mergers or bankruptcies.
- In some cases, the transition is based on repositioning assets to online fulfillment centers.
- A quick scan indicates Sears Holdings (NASDAQ:SHLD), J.C. Penney (NYSE:JCP), RadioShack (NYSE:RSH), Dollar Tree (NASDAQ:DLTR), Wet Seal (NASDAQ:WTSL), Macy's (NYSE:M), Haverty Furniture (NYSE:HVT), Bon-Ton Stores (NASDAQ:BONT), Aeropostale (NYSE:ARO), Rent-A-Center (NASDAQ:RCII), and Wolverine Worldwide (NYSE:WWW) are unloading properties.
- Analysts have warned the flooded market could lead to some disappointing transaction prices or lease rates for the companies involved.
- What to watch: A merger between Staples (NASDAQ:SPLS) and Office Depot (NASDAQ:ODP) or a major retooling from Best Buy (NYSE:BBY) this year could add to the tally.
Tue, Feb. 3, 2:24 AM
- A new Bloomberg report suggests that Amazon (NASDAQ:AMZN) has discussed acquiring some RadioShack (NYSE:RSH) locations, joining other potential bidders, including Sprint (NYSE:S) and investment group Brookstone.
- Amazon would use the stores as showcases for its hardware, as well as potential pickup and drop-off centers for online customers.
- The NYSE suspended trading of RadioShack's shares yesterday, after it failed to have an average market value of at least $50M for 30 straight days.
Mon, Feb. 2, 5:39 PM
- RadioShack (NYSE:RSH) discloses it has received a notice of default regarding its debt obligations. The NYSE is suspending trading in RadioShack's shares, effective immediately, and commencing a delisting process.
- Earlier: RadioShack reportedly in store liquidation talks with Sprint
- Earlier: Standard General likely to be lead bidder in RadioShack bankruptcy auction
Mon, Feb. 2, 1:45 PM
- RadioShack (RSH -20.5%) might sell half of its stores to Sprint (S -0.3%) as part of a bankruptcy arrangement, reports Bloomberg.
- Sources say the remainder of the electronics chain's stores will be closed under the proposed deal.
- A co-branding partnership with Sprint or a last-minute acquisition of RadioShack by a new player are also scenarios which are still possible.
- Previously: Standard General likely act as lead bidder for RadioShack (Feb. 02 2015)
Mon, Feb. 2, 2:44 AM
- Standard General is in talks to serve as the lead bidder at a bankruptcy auction for RadioShack (NYSE:RSH), which has reported losses in each of its last 11 quarters and is aiming to file for Chapter 11 protection as early as today, WSJ reports.
- The hedge fund became the company’s largest shareholder last year, financing the struggling electronics retailer through the holidays.
- Previously: RadioShack prepping bankruptcy filing (Jan. 14 2015)
RSH vs. ETF Alternatives
RadioShack Corp, together with its subsidiaries, is engaged in the retail sale of consumer electronics goods and services through its RadioShack store chain. Its product lines are categorized into two platforms: mobility and retail.
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