Bonds of RadioShack Corp. declined following a report that the electronics retailer is seeking an adviser to explore ways to fix its finances.

Its $325 million of 6.75 percent notes due May 2019 dropped 0.56 cent to 71.1 cents on the dollar to yield 14.21 percent at 2:51 p.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. The bonds traded as low as 69 cents.

Shares of RadioShack, based in Fort Worth, Texas, fell as much as 23 percent, and traded at $2.26 at 3:05 p.m. in New York.

RadioShack plans to entertain pitches from financial advisers in coming weeks, Debtwire reported earlier today, citing people with knowledge of the situation.