Daily News: October 30, 2017

RadioShack Exits Chapter 11. Reduces Number of Stores

The U.S. Bankruptcy Court approved the reorganization plan of General Wireless Operations (GWOI) d/b/a RadioShack.

Under the plan, Debtor GWOI will emerge as a reorganized debtor and will be vested with substantially all of the remaining property of the debtors’ estates, other than the litigation trust assets.

The business operations will consist of the debtors’ ecommerce business, the debtors’ dealer network operations, between zero and 28 brick-and-mortar retail stores and the debtors’ warehouse operations.

GWOI was formed to purchase and operate certain assets of RS Legacy (p/k/a RadioShack). RadioShack initiated a previous Chapter 11 filing in October 2015.

According to a related 8-K filing, as a result of the plan being effective, all of the company’s equity interests, consisting of authorized and outstanding shares of common stock of the company, were cancelled without consideration and have no value.

Follow the story:
RadioShack Files Chapter 11 Again; 200 Stores to Close
RadioShack Dissected: The Decline, Fall and Possible Rebirth