Technology News: The end of RadioShack

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Well, I’m gonna be changing things up a bit on this, I’m starting to get backlogged, and things are slipping through the cracks. From here on out, I’m just going to be posting when I get 3-5 items OK?

RadioShack Creditors Weigh Standard General Takeover Offer? Standard General has boosted the price it is offering for RadioShack, increased the number of stores it plans to keep open and committed to preserving 7,500 jobs in the only bid now on the table at a bankruptcy auction for the retailer. It is an offer RadioShack has yet to accept, as the company tries to round up support for a takeover by Standard General from creditors and balky lenders Salus Capital Partners and Cerberus Capital Management, sources said. As part of the auction, more than 13 million e-mail addresses and 65 million customers’ names and addresses are included, Bloomberg reports. The data trove could also include information about shoppers’ buying behavior.

RadioShackAttorneys General Oppose Sale of RadioShack’s Customer Data – Attorneys general around the country are joining the consumer privacy bandwagon in RadioShack’s bankruptcy, vowing to protect the personal data of 117 million consumers as the retailer goes up for sale. Texas Attorney General Ken Paxton started the fight, objecting in advance of the auction that began Monday in New York. His filing said RadioShack promised not to sell or rent its customer data. About two dozen other government officials have joined Paxton, either in court filings or with letters of support. AT&T has also asked to be heard before the disposal of the assets because of customer and other information collected on its behalf by RadioShack, as a reseller of AT&T phones and service plans. The Wall Street Journal, online; Washington Post, online; PC World, online.

Judge Approves Sale of RadioShack Stores – A U.S. judge has given RadioShack permission to sell its 1,740 stores to Standard General, a hedge fund that plans to operate the stores with Sprint. RadioShack declared bankruptcy in February after spending more than a year attempting to rebuild its business. Under the terms of the agreement, Sprint will own about 30 percent of each store’s real estate, in which it will sell Sprint wireless goods and services. The remaining 70 percent of the stores’ footprints will be used to sell RadioShack’s branded electronics. RadioShack hopes to close the deal as soon as April 1.

 

Sources:  The Wall Street Journal, online; Bloomberg; Forbes, online; Fortune, online; TIME, online; Ars Technica; The Verge.Washington Post, online; PC World, online.The New York Times (Dealbook); Bloomberg; Reuters.

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