89.2 F
Fort Worth
Tuesday, August 4, 2020

RadioShack talks with banks about finances

Other News

Pier 1 brand to remain alive online

Fort Worth-based Pier 1 Imports is coming to the end of its life as a brick-and-mortar retail business, but a pair of...

Longtime Fort Worth boutique closing its doors

Earth Bones Boutique & Gift Store as well as a companion store, Retro Cowboy in Sundance Square either have closed or will...

Walgreens CEO Pessina to step down, become executive chair

By TOM MURPHY AP Health WriterWalgreens' Stefano Pessina will step down as CEO and become executive chairman once the drugstore chain finds...

Target joins Walmart in ending Thanksgiving store shopping

By ANNE D'INNOCENZIO AP Retail WriterNEW YORK (AP) — Target is joining Walmart in closing its stores on Thanksgiving Day, ending a...
Robert Francis
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.

 

 

RadioShack Corp. reported today it is in discussions with investment banks to examine ways to strengthen its finances.

“We continue to have a strong balance sheet with total liquidity of $820 million at the end of the first quarter,” the statement said. “Like many companies, we have discussions with investment banks from time to time to help us evaluate ways to further strengthen our balance sheet and manage it efficiently. That has been the sole focus of these discussions. As we noted on our last earnings call, we are focused on executing our turnaround and serving our customers.”

Fort Worth-based RadioShack issued the statement after the company’s bonds and shares fell following a report from Debtwire that the company was seeking an adviser to work on finances. 

In a note from Janny Financal Markets analyst David Strasser on Thursday, he said: “We do believe the company could be talking to financial advisors, which would make sense for a struggling stock, a company at a cross roads with new management looking for advice. Our analysis, shows that RSH has sufficient cash to get through the current year and well into next year, even with weak results, and still pay down the convert due in August of $216 million.”

On June 29, RadioShack opened the first of several new concept stores in Manhattan, the first indication of the direction new CEO Joseph Magnacca is taking the company.  

- Advertisement -
- Advertisement -

Latest News

American, pilots agree on steps aimed at reducing job cuts

By The Associated Press undefinedAmerican Airlines has reached a deal with its pilots' union designed to reduce the number of job losses...

Nanoscope receives 2020 STEP Grant from Texas Department of Agriculture

Nanoscope Instruments was recently awarded a 2020 STEP Grant from the Texas Department of Agriculture (TDA) to facilitate...

USS Fort Worth Support Committee gets new executive director

Hanna Bell is the new executive director of the USS Fort Worth Support Committee, returning to her hometown...

JLL arranges equity, construction financing for South Fort Worth Logistics Center

JLL Capital Markets announced Aug. 4 that it has arranged equity and construction financing for South Fort Worth Logistics Center, a state-of-the-art,...

Retail rout gains pace, Lord & Taylor seeks bankruptcy

NEW YORK (AP) — Lord & Taylor, America's oldest retailer, is seeking bankruptcy protection, as is the owner of Men's Wearhouse and...