DALLAS — RadioShack asked the bankruptcy court to approve procedures Monday for the sale of about half of its stores to its largest shareholder, Standard General. Other companies also may be preparing bids.
The New York-based hedge fund, which is also a secured lender to RadioShack, has a plan to operate as many as 2,000 stores with wireless provider Sprint. That auction is expected to happen in a couple of weeks.
The date and auction procedures were expected to be hammered out Monday at the hearing. RadioShack filed for bankruptcy in the Delaware court on Feb. 5.
Bloomberg News said Monday’s hearing promised to be contentious as lawyers debate whether Standard General made the best offer for keeping some of the chain’s 4,000 stores in operation.