GameStop Wins 163 Radioshack Leases

(RTTNews) - Spring Mobile, a unit of video game retailer GameStop Corp. (GME), on Wednesday won an auction for the right to take 163 leases over from bankrupt electronics retailer RadioShack Corp.

RadioShack said Spring Mobile has agreed to pay $15,000 for each store lease. GameStop has about two months to decide if it will take on the obligation of the RadioShack leases or terminate the lease.

On Friday, RadioShack will ask U.S. Bankruptcy Judge Brendan Shannon to approve the sale to Spring.

Spring Mobile operates more than 300 stores across the U.S., selling exclusive AT&T, Inc. (T) mobility products and services.

RadioShack filed for bankruptcy protection earlier this month after it reached a deal to sell up to 2,400 of its U.S. company-owned stores to an affiliate of New York-based hedge-fund Standard General LP, its largest shareholder. Standard General, in turn, has a co-branding agreement with Sprint Corp. (S).

RadioShack, which has about 4,000 company-owned stores in the U.S., had put the rest of the stores up for auction, which was conducted Wednesday.