Meet the new RadioShack.

After a brush with liquidation last week, a reincarnated version of the chain will debut later in April under the ownership of hedge fund Standard General LP with an assist from Sprint Corp.

According to plans filed with the bankruptcy court, the stores will look a lot like the streamlined outlets RadioShack Corp. had hoped to build before running short on cash earlier this year. The stores' top management will also have a new face after Chief Executive Joe Magnacca, hired two years ago to remake the company into a flashy specialty retailer, resigned this week.

Sales of cellphones, a crucial traffic driver that nevertheless had long since stopped being very profitable for the chain, will be outsourced to Sprint. To reduce clutter, products like laptops, tablets and digital cameras will be cut back, as will name brands that don't have much of a following. That will leave RadioShack to focus on higher margin house-brand chargers, batteries and speakers.

The culling will leave a lot fewer items in the stores--around 1,000, down from more than 4,000--and there will be far fewer stores, too. Standard General plans to take over only about 1,700 locations out of the more than 4,000 the chain ran last year.

All this was approved Tuesday by a bankruptcy judge who signed off on the hedge fund's plans.

One thing still up in the air: the name. Standard General will operate the stores, but Salus Capital Partners, which is owed $150 million, has first claim on RadioShack's trademarks, patents and customer data. Unless Standard General can persuade Salus to sell it the intellectual property that defines the brand, the new RadioShack may not be called RadioShack for long.

Once the go-to destination for gadget fans and do-it-yourself electronics buffs, RadioShack sank into bankruptcy court in February after a long, failed effort to get more shoppers into its stores. The chain experimented with snazzy new formats, but never built enough of them. It also struggled to reduce its reliance on sales of cellphones. In the end, it ran low on cash when lenders prevented it from closing the large number of stores it needed to shut in order to stay afloat.

Whether any amount of tinkering can make the chain relevant again for shoppers who have long since moved on to the Web is an open question. The chain will ratchet down its presence in markets saturated with Web-savvy consumers. Manhattan, which once fit more than 30 RadioShack stores, will have fewer than half a dozen.

Sprint's presence in the deal gives the chain some support. The wireless carrier will share more than 1,400 locations, taking up about a third of the space and staffing it with its own employees. Sprint will pay fees to help cover overhead, distribute commissions on each item it sells and help with advertising.

Sprint's logo will dominate most locations, with the RadioShack logo more of a footnote.

RadioShack's intellectual property will be the focus of new deal activity in the continuing bankruptcy case, according to intellectual-property valuation expert David Peress of Hilco Streambank. That includes a database of customer information collected over the chain's decades of business.

"Sliced and diced" by RadioShack's homegrown systems, Mr. Peress said, the data include names, addresses and transactions for some 65 million customers, and email addresses of 8.5 million customers.

Standard General initially wanted to take RadioShack's customer data as part of the buyout. Salus protested, arguing that splitting the customer list from the trademarks damaged the value of the intellectual-property package as a whole.

Standard General may try to buy it later. There are limits on who can buy RadioShack's customer list due to the company's original privacy agreements. That new owner could be Standard General, or it could be another buyer interested in using the brand and the customer list to sell products online.

Standard General has a six-month royalty-free license to use the RadioShack name and necessary patents. The idea is to give RadioShack a couple of months to market the intellectual property and make the most of the assets. If someone else outbids Standard General for rights to the brand, the hedge fund will have a couple of months to take down the RadioShack name and replace it with something else.

Write to Peg Brickley at peg.brickley@wsj.com and Drew FitzGerald at andrew.fitzgerald@wsj.com

Access Investor Kit for RadioShack Corp.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US7504381036

Subscribe to WSJ: http://online.wsj.com?mod=djnwires