RadioShack said Thursday it was seeking to restructure its finances and warned of possible bankruptcy as it reported a bigger loss for the second quarter. The electronics retailer said it was in talks with lenders, bondholders, shareholders and landlords to refinance and restructure to compete in the fast-changing mobile technology sphere. Cash stood at just $30.5 million at the end of the quarter, down from $179.8 million at the end of 2013.
"There can be no assurance that we will be able to successfully implement a long-term solution," RadioShack said in a securities filing. "As a result, we may be required to seek to implement an in-court proceeding under Chapter 11 of the United States Bankruptcy Code." With a corporate ancestry dating back to 1919, RadioShack operates nearly 5,400 retail stores and dealer outlets, most of which are in the US.
Comments
Comments are closed.