Standard & Poor’s Rating Service downgraded RadioShack’s already junk-rated debt to CCC from CCC+ on Thursday, Aug. 1. S&P warned that the Fort Worth-based retailer could default within a year “absent a major business turnaround or increased liquidity.”
On Friday, RadioShack’s stock,w hcih trades on the NYSE under the “RSH” symbol, fell 32 cents or 11 percent to $2.57. The company recently hired Peter J. Solomon Co. to raise financing for recovery. And last week the company laid off about a dozen employees at its downtown headquarters.