Monday, March 30, 2015

Gigante Buys RadioShack

by Murry Page
28 Mar 15

Grupo Gigante, through its subsidiary Office Depot de México, reported that it has entered into a contract to acquire the shares of RadioShack de México for $31.8 million.

On Friday the company released a statement that said, “The transaction includes a total of 251 stores that for 2014 generated sales of 1.747 billion pesos ($132.77 million).”

RadioShack filed for bankruptcy protection in the US in February. The company reached an agreement to sell 2,400 of its nearly 4,000 stores, and said the rest will be closed.

At that time, RadioShack said its locations in México and Asia were not included in the agreement.
The acquisition is subject to approval by the Federal Competition Commission (CFCE) and the Bankruptcy Court in Delaware, USA.

(from CNN Expansión)

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