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RadioShack filed its long-awaited bankruptcy papers Thursday evening. The troubled tech retailer aims to reorganize under Chapter 11.
Part of its plan calls for an asset purchase agreement with hedge fund Standard General and Sprint to use a "store-in-store" model that would allow the RadioShack name to exist in as many as 1,750 of the acquired shops. Other underperforming locations would shutter.
The branding on the surviving stores would primarily feature Sprint, according to a Standard General statement.
The retailer reported assets of $1.2 billion and debts of $1.39 billion, as of Nov. 1, according to the filing.
Sprint PCS is listed as one of RadioShack's biggest creditors, with a claim of $6 million in trade debt.
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