According to foreign media reports, RadioShack, headquartered in Fort Worth, Texas, is currently undergoing a bankruptcy hearing. Last year, this prestigious consumer electronics specialty retailer in the US has announced that it will close 1,100 chain stores. High Frequency PCB
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A person familiar with the matter said that the electronics retailer, based in Fort Worth, Texas, is currently approaching potential lenders and hopes to obtain funds to help the company maintain its operations during bankruptcy protection.
At the same time, RadioShack is negotiating with a private equity company in the hope that the latter can purchase its assets and avoid bankruptcy. However, RadioShack fears that negotiations with private equity firms will be difficult to reach an agreement, so the company may seek more traditional ways of debt reduction and conduct business restructuring in the bankruptcy court.
As of the end of last year, RadioShack had 24,000 employees.
Previously, the company publicly stated that due to consecutive losses in the past 11 quarters, its operating cash flow was seriously insufficient. At present, the company's market value has shrunk dramatically to less than 50 million U.S. dollars. Its share price on Wednesday fell 13% to 0.41 U.S. dollars per share.
Last December, RadioShack stated in a regulatory filing that the company may be forced to file for bankruptcy protection if it cannot raise new funds or persuade creditors to close hundreds of stores.
The company said that as of November 1, last year, it had funds of 62.6 million US dollars, of which 43.30 million US dollars for cash, as well as 19.3 million US dollars for the amount of the loan. The money is hardly an effective buffer for large chain stores with 4,300 stores in North America.
RadioShack has a history of 94 years. It was founded in Boston in the 1920s and then grew rapidly due to the development of consumer electronics. Although it has become the iconic electronics retailer in the United States, due to the development of network technology in recent years and the impact of low-cost competitors, the company's position has become insignificant.
RadioShackCEO Joey? Joe Magnacca also made some attempts to save the company by introducing smart phone repair services in stores. However, these efforts did not persuade creditors or attract consumers.
In March last year, RadioShack announced the closure of up to 1,100 U.S. retail stores in order to reduce costs and continue to maintain operations. However, it incurs some opposition from creditors. According to the previously signed agreement, RadioShack can only close up to 200 retail stores in the United States without the consent of the creditors.
The company’s rescue plan with the Standard Fund, a hedge fund, won a breathing space in October last year. However, without the approval of the creditor’s seal, the company can only continue to consume limited funds.
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