Advertisement

RadioShack Agreement, Procedures Approved, with Revisions

Advertisement

According to the U.S. Bankruptcy Court docket, the Court issued a final order, with revisions, approving RadioShack’s motion (i) authorizing the Debtors to assume the consulting agreement; (ii) authorizing and approving the conduct of store closing or similar themed sales, with such sales to be free and clear of all liens, claims and encumbrances; (iii) authorizing customary bonuses to employees of closing business locations and (iv) granting related relief.

The revised order explains, “For the avoidance of doubt, the resolution of the U.S. Trustee’s objection to the Motion, including the assumption of the Consulting Agreement, shall not bind the U.S. Trustee or any other party (including without limitation each Consultant) in any future motions or cases, and the U.S. Trustee and the Consultant (including each of Hilco Merchant Resources, LLC, Gordon Brothers Retail Partners, LLC, and Tiger Capital Group, LLC in their individual capacity) reserve all rights.” The order continues, “Subject to the provisions herein in paragraphs 13, 15, 16, and 26, neither the Debtors nor the Consultant nor any of their officers, employees, or agents shall be required to obtain the approval of any third party, including (without limitation) any Governmental Unit…or landlord, to conduct the Store Closing Sales and to take the related actions authorized herein.”

Learn more about the RSH bankruptcy.