RadioShack, that venerable 94-year-old electronics chain that sold you an awesome walkman and some overpriced speaker cables, is going through the painful process of bankruptcy. As Bloomberg reports, its legal team announced in court that it will break off the trademark and intellectual property from the sale of its physical retail locations. Bidding for the RadioShack name starts at $20 million.
Wither the SprintShack?
This move is part of a few final changes needed to smooth over a proposal from from Standard General, LP — the company's largest shareholder — which is hoping to purchase as many as 2,000 stores. Initially, it had appeared that Standard General might buy twice that many locations and relaunch them as a co-branded store with Sprint. That plan now appears to have fizzled, but RadioShack lawyers did say Sprint is still interested in snatching up unwanted stores that would "otherwise be liquidated."
It's an ignominious end to an iconic American empire. President Obama offered perhaps the best posthumous compliment when he noted that the drone which crash landed at the White House is the kind anyone could "buy at RadioShack." Where will you buy your disruptive and dangerous new technology now?