Hedge fund Standard General officially won rights to the RadioShack (NYSE:RSH) brand, bidding $26.2 million at auction. The company, which saved more than 1,700 stores from liquidation, now owns RadioShack's trademark as well as other intellectual property.
After two days of bidding, the victorious Standard General plans to rebuild the iconic brand around a streamlined offering of products, in tangent with Sprint (NYSE:S) wireless products, reported the Wall Street Journal. Sprint recently entered a partnership with Standard General that allowed RadioShack to continue operating more than 40 percent of its stores as part of a compromise in which store locations are to be co-branded with Sprint.
RadioShack filed for chapter 11 bankruptcy protection in February and has since either closed or sold off many of its previous 4,000 stores.
Standard General was given rights to everything RadioShack had to offer at auction, including the right to the bankrupt retailer's customer data. Several state attorney generals expressed concerned over the privacy rights of the data, but the auction continued anyway.
-See this Wall Street Journal article
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