Bidding Begins For RadioShack: Report

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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.

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