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RadioShack is going bananas

Akin OyedeleApr 2, 2015, 23:08 IST

RadioShack is going bananas.

Shares of the bankrupt retailer listed over-the-counter jumped by more than 70% on Thursday to around $0.33.

RadioShack has been delisted from the New York Stock Exchange and now trades as a penny stock.

Under the ownership of hedge fund Standard General LP and with assistance from Sprint, the company will this month launch a "reimagined version" of the chain, the Wall Street Journal reported Thursday.

Under the restructuring plan, the new owners will take over 1,700 locations, and Sprint will share more than 1,400 locations. Hundreds of stores are still being closed down.

The consumer electronics retailer filed for bankruptcy in February.

Here's a chart showing the surge in trading:

Yahoo Finance