Sprint Corp. announced plans to boost its retail presence by 50 percent, adding 1,750 stores to its network through a deal with RadioShack’s largest stockholder, hedge fund Standard General LP.
RadioShack filed for bankruptcy Thursday, and Standard General plans to purchase as many as 2,400 of the electronics retailer’s stores. Sprint, the Overland Park, Kan.-based telecom company, plans to become a co-tenant in 1,750 of those locations. The stores will bear Sprint’s name, and the wireless provider will occupy about a third of each store.
Sprint CEO Marcelo Claure said the deal helps Sprint instantly expand its presence in “prime locations.” Sprint, the No. 3 U.S. wireless carrier, has about 3,000 fewer stores than Verizon and 2,000 fewer than AT&T, Claure said.