American electronics corporation RadioShack recently exited Chapter 11 bankruptcy after its brand was purchased in an auction, Business Insider reported on May 13.
According to reports, the brand was purchased by Standard General LP for a bid worth $26.2 million. Standard General prevented RadioShack from total liquidation after it filed for bankruptcy in February. The hedge fund firm initially offered $160 million to RadioShack. At least 1,743 stores and 7,500 employees of RadioShack were spared in the company’s attempt to settle its debt of more than $1 billion by shutting down a majority of its stores. Though some stores of RadioShack will be permanently closed, its brand is expected to be seen in other businesses affiliated with Standard General.
Filing for Chapter 11 Bankruptcy fortunately is a viable legal option for business owners struggling with debt. If you are considering filing for bankruptcy in the Waco area, discuss your options with Erin B. Shank, PC, who can help you decide if this legal process is right for you. Get in touch with her today at 354-296-1161 to learn more.