Standard General Affiliate Acquires 1,743 RadioShack Stores

FORT WORTH, Texas and NEW YORK, April 2, 2015 /PRNewswire/ -- General Wireless Inc., an affiliate of Standard General LP (together with its affiliates, "Standard General") announced today that General Wireless has received U.S. Bankruptcy Court approval to acquire the inventory and assume leases of 1,743 RadioShack stores following an auction conducted under Section 363 of the U.S. Bankruptcy Code.

"This has admittedly been a difficult time for all RadioShack supporters. That having been said, this transaction is an important milestone in this storied company's history," said Soo Kim, Managing Partner of Standard General, the majority shareholder of General Wireless. "It has allowed the company to shed stifling debts and unprofitable business lines. The new company has now been reorganized around a solid retail franchise underpinned by a world-class mobility carrier, Sprint Corporation ("Sprint"). It will now have the resources to fulfill its core mission of providing more than 1,200 communities across the country with first-rate service and high-quality, high-value electronics and accessories."

"We look forward to partnering with the company's 7,500 associates, its landlords, and with Sprint to rebuild a great American company. In the coming weeks we plan to introduce our talented management team comprised of both new and continuing RadioShack executives. Finally, we would like to thank Joe Magnacca and the RadioShack Board of Directors for their tireless efforts and leadership throughout these challenging circumstances."

The company's long-term partnership with Sprint will help reposition RadioShack as the premier community destination for consumer electronics. The stores will feature emerging technologies that enhance the traditional accessories, DIY electronics and innovation for which the company is known. Approximately 1,440 stores will be co-branded with Sprint. The unique co-branding partnership will further the company's strategy of engaging the "mobile first" generation.

"We are pleased with the outcome of the auction and look forward to working closely with Standard General to make the new company a success. For us, the opportunity to increase our national distribution footprint by approximately 50 percent while delivering an appealing new format for our customers is incredible," said Jaime Jones, president of the Postpaid and General Business organization for Sprint. "We look forward to rolling out the concept quickly and delivering valuable cross-marketing opportunities to both companies."

Standard General is represented by Debevoise & Plimpton LLP and DLA Piper.

Sprint is represented by McGuireWoods LLP, and its financial advisor is GLC Advisors & Co., LLC.

About Standard General LP
Standard General LP is a New York City-based SEC-registered investment advisor that manages event-driven opportunity funds. Standard General was founded in 2007 and primarily manages capital for public and private pension funds, endowments, foundations and high net-worth individuals. For more information on Standard General, please visit http://www.standardgenerallp.com/.

News Media Contact for General Wireless:
Media Relations, +1-212-445-8403

SOURCE General Wireless Inc.