Following bankruptcy, RadioShack will live on; hedge fund buys brand for $26.2 million

RadioShack will live on after its bankruptcy.

Hedge fund Standard General said Wednesday that it closed its $26.2 million deal to buy the RadioShack brand. That means Standard General can use the name on the more than 1,740 RadioShack stores it bought in April. As part of the deal, Standard General will also acquire RadioShack's other brands, including Enercell batteries and Auvio speakers.

Separately, wireless carrier Sprint is moving forward with plans to build Sprint shops within 1,435 RadioShack stores. About 300 of The Sprint Store at RadioShack will be ready this month, Sprint said, and the remainder will be completed by the end of the year. Inside those stores, Sprint will sell phones, mobile plans and accessories.

RadioShack filed for bankruptcy protection in February after suffering from years of losses. Standard General, based in New York, has a 0.9 percent stake in retailer American Apparel Inc., according to FactSet.