New York — Former Dell and Motorola exec Ron Garriques was tapped to head the newly reborn RadioShack.
He was introduced to employees, franchisees and landlords on a conference call yesterday by the chain’s new owner, Standard General, the Fort Worth Star-Telegram reported.
Garriques, who variously served as president of Dell’s communications solutions and consumer products groups, and as president of Motorola’s mobile devices division, succeeds Joe Magnacca, who resigned on April 1.
On the call, Standard General managing partner Soo Kim promised to “prove the skeptics and the people who wanted to shut this company down wrong,” the newspaper reported.
Kim, a self-professed techie who recalled visiting his local RadioShack in Queens, N.Y., as a kid, said having Sprint on board as a co-branding partner will be essential to the chain’s success by driving traffic and contributing “to the bottom line from day one.”
Garriques, who also held management positions at AT&T, Lucent and Philips, most recently served as strategic council to Sheridan Road, a financial advisory firm. On the call he cited his nearly 30 years in the CE and mobile industries, and said he was confident that the newly revived chain has all the needed assets to succeed.
Separately, the old RadioShack Corp. confirmed in a federal filing that it had completed the sales of 1,743 company-owned stores and inventory to Sprint and General Wireless, the Standard General affiliate created to run the business, for $47.6 million in cash and a $113 million credit bid against the hedge fund’s debt.
The company is in the process of liquidating and shutting any remaining stores not included in the Standard General purchase, and expects that its intellectual property, which includes its trademark and customer databases, will be liquidated.
RadioShack also confirmed the sale of its Mexican operations to Office Depot de Mexico, a unit of Grupo Gigante, for $31.9 million in cash, and said it has agreed to sell a facility in West Burlington, Iowa, plus intellectual property rights in Africa, the Middle East, and Latin and South America, to three separate bidders for about $7 million.
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