Sprint (S) Stock Up Today on RadioShack Store Agreement

NEW YORK (TheStreet) -- Shares of Sprint Corp. (S) are higher by 1.04% to $4.87 in pre-market trading on Friday, after the mobile carrier announced it has signed an agreement with General Wireless Inc. a subsidiary of RadioShack's (RSH) largest shareholder Standard General to expand its branded store distribution by approximately 1,750 stores.

"The proposed transaction is part of the sale of a portion of RadioShack's assets and assignment of certain leases to General Wireless Inc. Once the transaction is finalized and approved by the bankruptcy court, Sprint and General Wireless Inc. would establish co-branded stores that will exclusively sell mobile devices across Sprint's brand portfolio as well as RadioShack products, services and accessories," Sprint said in a statement.

Currently Sprint has over 1,100 company-owned retail stores, if the RadioShack transaction is approved that number would more than double. The deal is expected to close "in the coming months" Sprint said.

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On Thursday RadioShack filed for bankruptcy and announced a deal with Standard General to sell between 1,500 and 2,400 of RadioShack's U.S. stores.

The bankruptcy filing was expected by many following RadioShack's 11 consecutive non-profitable quarters.

S Chart S data by YCharts

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