RadioShack Corp. has added turnaround specialist The MAEVA Group to provide advisory services to RadioShack’s Board of Directors and management. Harry J. Wilson, founder and CEO of The MAEVA Group, will serve as the Chief Revitalization Officer of RadioShack, reporting to RadioShack CEO Joe Magnacca and the RadioShack Board.
“Harry Wilson’s experience in guiding companies through successful turnarounds speaks for itself and will be extremely valuable as we continue our efforts to revitalize the Company. We welcome his insight and involvement,” said Magnacca. Prior to founding MAEVA, Wilson served as a senior advisor in the United States Department of the Treasury and was a senior member of the Auto Task Force, which was responsible for the Treasury’s role in the restructuring of General Motors and Chrysler. Wilson led a team responsible for the business and financial work of the Task Force and also led a team overseeing the financial and operational restructuring of General Motors, the largest in American history.
“RadioShack remains an important retailer serving many key markets. While challenging secular trends have undermined its performance in recent years, we believe that there is a great deal of opportunity ahead of it. We look forward to working with the management team, the board, customers and vendors to help address these issues as quickly as possible and to revitalize the company,” said Wilson. In early October, RadioShack inked deals with a group of investors to restructure part of its debt and access funds, moves aimed at giving the struggling consumer electronics retailer more financial breathing room. The Fort Worth-based chain said Standard General LP and other investors have acquired a credit line that GE Capital had extended to RadioShack. The retailer expects it will be able to draw on that credit to buy inventory ahead of the holiday shopping season. RadioShack says that Standard General, Litespeed Management and other investors are providing $120 million in an investment that the chain expects will be converted into equity securities. – Robert Francis Â