By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Fort Worth, Texas — RadioShack’s board has approved retention bonuses for its executive officers.
The stay incentives range from $187,500 for store concepts senior VP Michael DeFazio to $500,000 for CEO Joe Magnacca, should they remain with the company for another year.
The board said it authorized the bonuses “after giving due consideration of the skills and talent deemed critical to the company’s business turnaround efforts currently underway, the difficult business environment and the competition for skilled, talented employees.”
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
Fort Worth, Texas — RadioShack’s management said the company’s disappointing fourth-quarter results were impacted by a series of unique circumstances that masked its turnaround progress.
On an earnings call, CEO Joe Magnacca ticked off a litany of holiday-season setbacks as well as strategic initiatives designed to return the chain to profitability.
Fort Worth, Texas — RadioShack plans to close upward of one-quarter of its store base amid deepening losses.
The chain reported a net loss of $191.4 million in the fourth quarter, ended Dec. 31, compared with a year-ago loss of $63.3 million. Net loss for the full year hit $400.2 million, compared to a $139.4 million loss in 2012.
Fort Worth, Texas – RadioShack may be planning to close 11 percent of its store base, according to a published report.
The Wall Street Journal, citing anonymous sources, said some 500 stores would be shut in consequent months.
A RadioShack spokesperson told TWICE the company doesn’t comment on “speculation or rumor.”
The Seahawks weren’t the only big winners of last night’s Super Bowl XLVIII.
In one swell foop, RadioShack reestablished itself within the American psyche with a self-effacing second-quarter ad that acknowledged its dated image and pointed to a revitalized future. (“The ’80s called. They want their store back.”)
The spot featured a host of 1980s icons, including Mary Lou Retton, Hulk Hogan, Dee Snider (Twisted Sister) and Alf, who literally emptied a RadioShack store of its obsolete electronics to make way for a sleek, modernized remodel.
New York – RadioShack will open a 1960s-themed store in Midtown Manhattan on Saturday, the second of its “custom concept” formats in the country.
The new shop, located on East 42nd Street, adjacent to Grand Central Station, pays homage to the 1964 World’s Fair in Queens with a hanging Unisphere; 1960s art, colors and materials; and videos that evoke the event.
Fort Worth, Texas – RadioShack has replaced its eight-month-old “Let’s Play” branding campaign with a new theme that emphasizes the chain’s customer support.
The new slogan, “It Can Be Done, When We Do It Together,” speaks to the brand’s ability to collaborate with consumers to help them discover what is possible through technology, the company said.
Fort Worth, Texas – RadioShack has appointed Dollar General finance chief John Feray executive VP/chief financial officer, effective Feb. 6.
He will succeed interim chief financial officer Holly Etlin, a managing director at consultancy AlixPartners, which had been retained by the chain. She and her team will continue to advise the company on its operational turnaround.
New York – Retailers are making a final push to drive holiday sales this last weekend before Christmas.
Among the measures: a TV blitz by Best Buy, Walmart and other national chains with last-minute gift ideas; extended store hours and sales; and reminders by Amazon.com and other online-only merchants of pending Christmas delivery cut-offs.
The efforts follow a spate of severe winter weather and a massive Target credit card hack that could lead to a ho-hum holiday for retailers following record Thanksgiving sales.
Fort Worth, Texas – RadioShack has secured $835 million in new financing.
The credit line includes $585 million from GE Capital and other backers, and a $250 million term loan led by Salus Capital Partners.
The retailer said it will use the funds to refinance existing debt and add about $200 million in liquidity. The moves will further strengthen the company’s balance sheets as it moves forward with CEO Joe Magnacca’s turnaround strategy.