RadioShack’s $26.2 million sale of intellectual property approved

By Kali Hays

New York, June 4 – RadioShack Corp. obtained approval to sell its remaining intellectual property and some customer data to General Wireless Inc. for $26.2 million under a Thursday order from the U.S. Bankruptcy Court for the District of Delaware.

Under the purchase agreement, General Wireless will also assume some liabilities related to the assets and reimburse RadioShack for its sale-related expenses.

As previously reported, the company’s intellectual property includes its global sourcing group, its U.S. trademarks, customer e-mail addresses and its franchise and dealer network and infrastructure.

General Wireless also acquired 1,743 RadioShack stores under a separate sale agreement.

The bid procedures for the intellectual property assets were approved at the end of April, and any qualified bids were due by May 8.

The sale is expected to close by June 19.

RadioShack is a Fort Worth technology retailer that filed for bankruptcy on Feb. 5. Its Chapter 11 case number is 15-10197.

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