RadioShack says it may need more capital
NEW YORK (AP) — 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 Fort Worth, Texas 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 premarket trading.