Fort Worth, Texas — RadioShack has tapped the advisory services of turnaround consultant The Maeva Group, and named its founder/CEO as chief revitalization officer.
In his new role, Harry Wilson will report directly to RadioShack CEO Joe Magnacca and the retailer’s board. Wilson was a senior advisor in the U.S. Treasury Department and a senior member of the Auto Task Force, which was responsible for the Treasury’s role in the restructuring of General Motors and Chrysler.
“Harry Wilson’s experience in guiding companies through successful turnarounds speaks for itself and will be extremely valuable as we continue our efforts to revitalize the company,” Magnacca said.
The move represents the second time the company has brought hired guns on board to help effect a turnaround. In September, Holly Etlin, a managing director at longtime RadioShack advisor AlixPartners, was appointed interim chief financial officer for the second time in seven months.
Wilson’s appointment comes after the company secured a rescue package from lead investor Standard General and Litespeed Management that helped avert a bankruptcy. The package includes a $120 million cash injection and a debt restructuring that frees up access to additional liquidity.
Wilson said in a statement: “RadioShack remains an important retailer serving many key markets. While challenging secular trends have undermined its performance in recent years, we believe that there is a great deal of opportunity ahead of it. We look forward to working with the management team, the board, customers and vendors to help address these issues as quickly as possible and to revitalize the company.”