In a release on Thursday evening RadioShack announced that it has filed for bankruptcy and that it has agreed for an affiliate of hedge fund Standard General, General Wireless, to purchase between 1,500-2,400 of its U.S. stores.
Rick and Dick Schaden, who own 51 percent of Quiznos, are still trying to find a way to save their highly leveraged franchising company. According to what this bird is hearing among finance experts at a current national restaurant conference in Sin City, what is at stake for the firm is lender's default or worse.
Round Table Pizza, the 500 unit, privately held pizza coop, filed for Chapter 11 reorganization Wednesday. The company could not pay down a $30M balance on a initial $65M line of credit negotiated with GE Capital and Prudential in 2006 as required.