DOVER, Del. – A Delaware bankruptcy judge has approved the sale of assets of RadioShack to hedge fund Standard General LP that will keep more than 1,700 stores open and preserve more than 7,000 jobs.
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Tuesday's ruling comes after a court hearing that stretched over four days following a disputed auction process last week.
In granting the sale, the judge overruled an objection by Salus Capital Partners, a pre-bankruptcy lender whose $150 million claim makes its one of the electronics retailer's largest creditors.
He also allowed Standard General to bid using $112 million of credit on debt it is owed, and only a small amount of cash.
RadioShack's plan calls for Sprint, the No. 3 U.S. wireless carrier, to operate dedicated "store within a store" shops in most locations acquired by Standard General.