RadioShack said Wednesday that James Gooch has stepped down as CEO and director of the electronics retailer effective immediately. RadioShack’s board is looking to retain an executive search firm to find a successor. Dorvin Lively, RadioShack’s EVP and CFO, will be acting CEO in the interim. Two years ago, RadioShack was up for sale with suitors reportedly including The Blackstone Group, Bain Capital and TPG Capital.

The RadioShack auction appears to be short-circuiting.

TPG Capital plans to opt out. The Blackstone Group, which had wanted to launch a joint bid with TPG, doesn’t want to make an offer by itself. Bain Capital has already bailed and Best Buy never got involved.

“This is a classic case of an investment banker [Goldman Sachs] getting a sale mandate, it not going well, and thus reaching as far as [they] can to resuscitate it,” says one banker.

(Reuters) – Blackstone Group (BX.N) and TPG Capital are unlikely to continue to pursue a possible bid for RadioShack Corp (RSH.N), two sources familiar with the situation said on Monday. The two private equity firms were working together to draw up a possible bid for the electronics retailer, which has a market value of about [...]

RadioShack, the electronics retailer that sells tape recorders and phone extensions, is apparently getting lots of interest from the private equity community.

At first blush, I was surprised that RadioShack still exists, let alone that it’s up for sale. But it seems that more than a few folks still visit “The Shack,” given its 4,000+ retail locations and 555 kiosks.

Goldman Sachs is running the auction, with suitors reported to include The Blackstone Group Bain Capital and TPG Capital. A sale could be valued at more than $3 billion.

So why such interest in RadioShack? It’s the cash, stupid. RadioShack has is sitting on $872 million in net cash, says Anthony Chukumba, senior research analyst for BB&T Capital Markets.

(Reuters) – U.S. electronics retailer RadioShack Corp (RSH.N) is exploring strategic alternatives that include a share buyback or a possible sale of the company that could net more than $3 billion, the New York Post said, citing sources close to the situation.Investment bankers have already begun pitching their private equity clients about a leveraged buyout [...]