February 25, 2015 AT 4:25 pm
RadioShack to sell name $20 Million Opening Bid @radioshack #radioshack
RadioShack to Sell Name Separately With $20 Million Opening Bid – Bloomberg Business.
RadioShack Corp.’s biggest shareholder, already seeking to buy hundreds of stores from the bankrupt electronics retailer, agreed to a separate sale of the chain’s name, with bids to start at $20 million.
The plan to break off the sale of trademarks and other intellectual property from the auction for store leases would put the 94-year-old brand up for grabs without forcing buyers to also bid on the stores.
Greg Gordon of Jones Day, a lawyer for RadioShack, announced the arrangement Wednesday in U.S. bankruptcy court as he outlined a series of last-minute changes to a proposal by Standard General LP, which holds 10 percent of the company’s stock, to buy as many as 2,000 stores.
Read more & on going RadioShack coverage.
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