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Bidding Begins For RadioShack: Report

6/01/2010 07:08:45 AM Eastern

New York - An
initial round of bids for RadioShack was completed last week in an auction that
could bring more than $3 billion for the consumer electronics chain.

According to a
report in this morning's New York Post, the bidders include Blackstone Group
and other large private-equity firms, and at least one "strategic" buyer that
could be another retailer and possibly Best Buy.

RadioShack CEO
Julian Day is reportedly pressing the company's investment bank, Goldman Sachs,
to complete the auction this summer before the European debt crisis can further
impact the sale price.

Day hired Goldman
Sachs to explore strategic alternatives for the CE chain, the newspaper said, and
he and other senior RadioShack executives are supposedly giving presentations
to bidders this week.

RadioShack, which
was No. 9 on TWICE's Top 100 Retailers Report, did not respond to queries from
the Post, which cited "sources familiar with the matter," and neither Best Buy
nor Blackstone Group would comment.