FORT WORTH, TX and NEW YORK, NY -- General Wireless Operations Inc., doing business as RadioShack, announced today that it has closed on a $26.2 million purchase of the RadioShack brand, giving the company the ability to operate the retailer under the RadioShack brand name.
"We are excited to be moving forward as a new and reinvigorated company under one of the most recognized consumer brand names of all time," said Ron Garriques, Chief Executive Officer of RadioShack. "Our stores serve over 1,200 communities, providing high-quality, high-value consumer electronics and accessories from globally recognized manufacturers and increasingly, with this acquisition, from exclusive brands that our customers know and trust such as Realistic®, AUVIO®, ENERCELL® Optimus® and more."
General Wireless acquired 1,743 RadioShack stores in April 2015 that form the go-forward footprint of the revitalized company. Also in April, Sprint (NYSE: S) announced its "The Sprint Store at RadioShack" partnership with the new RadioShack that will provide RadioShack's customers with access to Sprint's mobile plans, devices and accessories as well as RadioShack's full suite of products and accessories. The company's stores are an essential part of neighborhoods and communities across America, where its expert associates provide assistance and education to people of all levels of sophistication.
Garriques continued, "With our enhanced in-store experience, carefully curated product assortment and game-changing partnerships with leading technology companies such as Sprint, we are confident that the new RadioShack will remain a trusted destination for our existing customer base and attract a new generation of connected tech enthusiasts."