RadioShack Corp. said Monday it appointed Holly F. Etlin as
interim chief financial officer, replacing John Feray, who resigned
effective Friday.
RadioShack said that Mr. Feray, who had only started at the
company in February after leaving Dollar General Corp., had
resigned for personal reasons. The cash-strapped electronics
retailer called Ms. Etlin a "longtime RadioShack adviser" through
her duties as managing director of consulting firm AlixPartners.
She also served as RadioShack's interim CFO from July 2013 to
February 2014, the company said.
Mr. Feray's departure is the latest in a series of executive
changes as the retailer faces a possible bankruptcy filing. Last
week, the company said it could soon run out of cash and be forced
to liquidate or seek bankruptcy protection if it can't find a way
to improve its finances. RadioShack said its cash stockpile had
dwindled to $30.5 million by Aug. 2, representing about $6,800 for
each of its 4,485 stores. The company also had access to $152
million under its credit line from GE Capital. The company, which
had about 27,500 employees at the end of last year, said it is
weighing a number of options including a possible sale,
recapitalization or an in or out of court restructuring.
On Friday, The Wall Street Journal reported that RadioShack is
considering a $585 million financing package led by hedge fund
Standard General LP and investment bank UBS AG, in an effort to
keep the struggling retailer out of bankruptcy, according to people
familiar with the matter. Under the plan, UBS will coordinate $325
million of commitments and Standard General will arrange $260
million to replace GE Capital's $585 million loan and credit
facility.
Write to Erin McCarthy at erin.mccarthy@wsj.com
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