El Salvador-based Unicomer Group owns the RadioShack brand within the rest of Latin America and the Caribbean. Mexico-based Grupo Gigante, through its subsidiary RadioShack de México, owns the RadioShack brand within Mexico. was formed to operate the RadioShack stores, and General Wireless IP Holdings LLC was formed to hold the intellectual property.ĭuring RadioShack Corporation's bankruptcy proceeding 2015, RadioShack Corporation sold the RadioShack brand rights to different entities around the world. In May 2015, General Wireless Inc., an affiliate of Standard General, bought the company's assets, including the RadioShack brand name and related intellectual property, for US$26.2 million. By then, it was operating only in the United States and Latin America. In February 2015, RadioShack Corporation filed for Chapter 11 protection under United States bankruptcy law after 11 consecutive quarterly losses. Outside of those territories, the company licensed other companies to use the RadioShack brand name in parts of Asia, North Africa, Latin America, and the Caribbean. RadioShack, formerly RadioShack Corporation, is an American retailer founded in 1921.Īt its peak in 1999, RadioShack operated stores named RadioShack or Tandy Electronics in the United States, Mexico, United Kingdom, Australia, and Canada. Retail ECommerce Ventures (REV since Nov. Regular business hours are Monday to Friday from 9am to 5pm, with the last appointment at 4pm, and Saturday from 10am to 2pm, with the last appointment at 1pm.General Wireless IP Holdings LLC (2015–2020) Due to COVID-19, he is available by telephone or by Zoom Monday to Friday from 9am to 4pm. He has been practicing law for over 36 years in the Bronx, and he can help you with your legal matter.
Why is radio shack going out of business free#
Jayson Lutzky gives free consultations and can be reached at 71. If you have any questions regarding the PPP loan, then you can contact Jayson Lutzky. The whole PPP loan will not be forgiven if the business has fewer employees or a decrease in salary by more than 25%. Also, the loan can be forgiven, but the business must apply for the loan to be forgiven and submit documentation for what the money was used for, like payroll, utilities, rent, etc. The term of the loan is two years, and the interest is 1%, and all payments are deferred for six months.
Many businesses are applying for the PPP loan because they can take out 2.5 times its average monthly payroll costs. Shake Shack will return the ten million dollars it received, and maybe this money can go into the pot and be given to other businesses that have applied for the PPP loan. When one is laid off from the job, this is usually permanent, whereas when one is furloughed, this is temporary. Shake Shack received the money from the PPP loan, but instead of keeping all of its employees it laid off or furloughed many of its employees. Once the application process opened up for the PPP loan, the money was quickly disbursed. The goal of the PPP is for employers to retain their current employees and pay them during the COVID-19 shutdown if they receive the PPP loan. Shake Shack qualified for the PPP because even though it is a chain restaurant with thousands of workers within the United States, each Shake Shack branch employs less than five hundred workers.
The PPP is a loan for businesses with no more than five hundred employees. Shake Shack is one business, which received ten million dollars from the Payroll Protection Program, or PPP. Today many businesses are seeking financial assistance due to COVID-19, and as such, these businesses are applying for all the loans and grants that are available and those for which they qualify.
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