The Deal reported RadioShack comparable 2013 store sales declined 19% on the way to a wider than expected loss of $166 million. RadioShack also announced it would close up to 1,100 stores.
Fitch Ratings has affirmed its ‘CCC’ Long-term Issuer Default Rating on RadioShack. Fitch also assigned ratings to the company’s new credit facilities.
GE Capital announced it is serving as administrative agent and joint lead arranger on a $585 million senior secured credit facility for RadioShack. The facility was provided with an additional $250 million term loan arranged by Salus Capital.
Bloomberg reported that RadioShack received commitments for $835 million in new financing, replacing its existing $625 million credit facilities, according to a person with knowledge of the matter.
Bloomberg said RadioShack plans to raise funds by the end of 2013 to persuade suppliers to support its turnaround effort, people familiar with the matter said.