RadioShack Sells Last Thing Of Value It Owns: $50 Million Worth Of Property

(Matthew Hunt)

In its bankruptcy auction, RadioShack has sold its store leases, the merchandise in most of its stores, and even key intellectual property assets like its customer mailing lists and “TheShack.com.” Now the company has found buyers for its last multimillion-dollar assets: the sale of the company’s headquarters and regional facilities in Maryland and in California have been sold, taking in about $50 million that will go to the company’s creditors.

RadioShack had just moved to a new four-building headquarters campus in Fort Worth, Texas in 2005: that campus was not part of this transaction, since it had already been sold to raise cash within a few months of the company moving in. The purchaser, a German real estate firm, later sold the property to a local college.

Other property in Texas was part of the sale, along with a distribution center in California. Together, that sale adds up to $39.29 million, and both properties went to a the same buyer. The company’s east coast distribution center in Maryland sold to a different buyer for $11.4 million. The bankruptcy court approved these sales.

Artwork at the company’s headquarters that could be worth hundreds of thousands of dollars went to new owner Standard General as part of the intellectual property sale; the company promised to donate these pieces, since RadioShack-themed artwork has a rather limited market.

RadioShack real estate sold off for $50 million [Dallas Business Journal]
Former RadioShack Real Estate Sold for More Than $50 Million [Wall Street Journal]

by Laura Northrup via Consumerist