July 31 RadioShack Corp investor
BlueCrest Capital Management is pushing the struggling
electronics retailer to repay lenders who are blocking its plans
to shut stores, Bloomberg reported.
BlueCrest, an unsecured debtholder, said it supported the
company's decision to shut stores to stem cash burn and was
willing to provide financing, Bloomberg said, citing a letter
from the fund. (bloom.bg/1qNFGCg)
RadioShack said in March it would close 1,100 stores after
reporting a huge drop in sales during the holidays. It later
reduced this target to 200 stores per year over the next three
years after failing to negotiate with lenders.
BlueCrest said it was concerned that RadioShack's secured
creditors' interests were not aligned with the rest of the
stakeholders, Bloomberg said.
A BlueCrest spokesman declined to comment. RadioShack was
not immediately available for comment.
RadioShack could run out of cash as early as October 2015,
a Moody's Investors Service report said on Tuesday.
RadioShack's shares were down 4.5 percent at $0.62 in noon
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by Don