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Friday, January 15, 2021

RadioShack says it may need more capital

NEW YORK (AP) — Fort Worth-based RadioShack says it may need more capital to help complete its turnaround efforts.

CEO Joseph Magnacca said in a statement on Thursday that the consumer electronics company is actively exploring options for overhauling its balance sheet and is in advanced talks with “a number of parties.”

RadioShack Corp. is also working with its lenders, bondholders, shareholders and landlords to try to find a long-term solution. Magnacca said this could include debt restructuring, consolidating stores and other measures to help lower costs.

Details of a recapitalization are not yet finalized. Magnacca said the company is reviewing several alternatives, some that would need consent from its lenders.

RadioShack’s stock rose 5 cents, or 5.3 percent, to 98 cents in pre-market trading.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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