RadioShack reportedly named former U.S. Treasury Department adviser Harry Wilson as its chief revitalization officer, enlisting a turnaround expert who helped restructure General Motors and Chrysler.
Fitch said despite RadioShack’s recently announced refinancing it believes the risk of restructuring that is detrimental to bond holders remains high given material deterioration in liquidity and no visible signs the company can turn operations around.
Bloomberg reported RadioShack reached an agreement with a consortium led by Standard General to refinance about $590 million of loans. GE Capital is said to be providing a $535 million revolver.
Bloomberg reported RadioShack CFO John Feray resigned after less than a year on the job, prompting the company to bring back Holly Etlin as interim CFO.
RadioShack reported a Q2 loss from continuing operations of $137.5 million compared to $51.4 million one year earlier. Sales and revenues of $673.8 million were down 22% from $861.4 million in Q2/13.
Radio Shack reported a Q2 loss from continuing operations of $137.5 million compared to $51.4 million one year earlier. Sales and revenues of $673.8 million were down 22% from $861.4 million in Q2/13.
Bloomberg reported UBS AG is working with Standard General on loans for RadioShack as it tries to avert bankruptcy, according to three people with knowledge of the matter.
Bloomberg reported that RadioShack’s attempted comeback best case scenario would have been tough, but it is now competing with a slump across the electronics industry due to depleting demand that is hurting healthier rivals.
The Wall Street Journal reported RadioShack is stuck in negotiations with its lenders over plans to close as many as 1,100 stores, complicating turnaround efforts, according to people familiar with the talks.