Tags: RadioShack | CFO | Resign | Bankruptcy

RadioShack CFO Resigns Less Than a Year Into Job

Monday, 15 Sep 2014 09:31 AM

RadioShack's chief financial officer has resigned after less than a year in the position.

The consumer electronics retailer said Monday that John Feray resigned for personal reasons.

RadioShack warned last week that it may need to file for Chapter 11 bankruptcy protection. The Fort Worth company whose aggressive expansion turned the company into a household name has struggled as online retailers eat up an increasingly large number of its sales.

The company tried earlier this year to shut down more than a quarter of its more than 4,000 stores in an aggressive push to cut cuts, but was thwarted by its lenders. Under a previous agreement, lenders agreed the closure of only 200 stores this year.

On Friday Fitch Ratings lowered RadioShack's issuer default rating one notch. Standard & Poor's Ratings Services cut RadioShack's corporate credit rating further into junk territory on Thursday.

Holly Etlin will serve as RadioShack Corp.'s interim CFO.

Etlin is a long-time adviser to RadioShack Corp. and a managing director for AlixPartners. She previously served as interim CFO for RadioShack from July 2013 to February 2014.

RadioShack's stock gained 27 cents, or 29.7 percent, to $1.18 in Monday premarket trading.

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Struggling electronics retailer RadioShack Corp, which is teetering on the brink of bankruptcy, said John Feray resigned as chief financial officer last week.
RadioShack, CFO, Resign, Bankruptcy
194
2014-31-15
Monday, 15 Sep 2014 09:31 AM
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