RadioShack seeks bankruptcy protection with help of advising firm
Posted on Thursday, December 18th, 2014 at 9:04 pm
RadioShack announced the hiring of FTI Consulting after being warned last week that they may have to file for bankruptcy, the Associates Press reported on December 16.
The struggling electronics company posted wider third-quarter losses last week and is amidst another round of cost cuts. Their plan to boost earnings includes changing store hours and staffing, changing overtime policies, and cutting field managers. However, RadioShack stock continues to fall, as it just fell by more than 3 percent in morning trading.
RadioShack was already warned in September that they may have to file for Chapter 11 bankruptcy, and last week, CEO Joseph Magnacca restated this concern. Carlin Adrianopoli, a senior managing director with FTI’s firm, has been appointed interim chief financial officer at RadioShack while regulatory filing begins.
If your business is facing financial struggles, Chapter 11 bankruptcy protection may be an option for you. Contact a Raleigh bankruptcy lawyer with the Bradford Law Offices, PLLC, at (919) 758-8879 for more information.