RadioShack says its balance sheet remains strong
Fort Worth, Texas -- RadioShack Corp. on Friday released a statement in which it said that its balance sheet continues to be strong, with total liquidity of $820 million at the end of the first quarter. The chain released the statement the day after a report said the retailer was considering hiring a financial adviser.
“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,” RadioShack stated. “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.”
In April, the retailer reported a wider first-quarter loss, its fifth consecutive quarterly loss, on weaker sales. New CEO Joseph Magnacca is working to turnaround the ailing company and update its image, that includes a new, more tech-oriented store concept.