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Electronics retailer RadioShack Corp filed for U.S. bankruptcy protection on Thursday and said it had a deal in place to sell as many as 2,400 stores to an affiliate of hedge fund Standard General, its lender and largest shareholder, Reuters News reported.Continue
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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.Continue
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.Continue
(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 […]Continue
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.Continue