The auction for bankrupt electronic retailer RadioShack's brand and customer data has closed with the Standard General hedge fund posting a winning bid of $26.2 million after objections piled up to their sale.
Standard General affiliate General Wireless, which had already bought more than 1,700 RadioShack stores, on Tuesday won the auction with the offer, well over its initial bid of $15 million on Monday, Adrienne Walker, a lawyer with Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, said on Wednesday.
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Walker had been tracking the sale for a group of RadioShack's U.S. independent dealers and franchisees. They had objected to the sale over concerns about whether they could continue to use the RadioShack trademark and whether a buyer of the customer data will be subject to their privacy policies.