Bankrupt electronics retailer RadioShack received court approval on Friday for its plan to try to sell the leases to more than 1,100 stores that it will close by the end of February, Reuters reported. RadioShack first proposed closing many of the locations early last year as it struggled to turn around its money-losing operations, but lenders demanded the stores remain open. After filing for chapter 11 bankruptcy earlier this month, RadioShack moved quickly to abandon the stores to avoid paying March rent. Bankruptcy Judge Brendan Shannon gave his approval to the bidding and auction process for the leases, which has been under way for weeks. The company will seek court approval today for the auction process for up to 2,400 stores. An affiliate of the hedge fund Standard General has agreed to act as the stalking-horse bidder for those locations, which will remain open.
