RadioShack posts 3Q loss, misses Street's view
FORT WORTH, Texas -- RadioShack reported a larger-than-expected loss for its third quarter as the electronics retailer's revenue slipped.
The struggling company has seen its profits erode over the past two years and in September it announced the departure of CEO James Gooch. The chain's troubles are partly due to wider problems in the brick-and-mortar electronics industry and add fuel to the notion that selling consumer electronics in brick-and-mortar stores is becoming less and less viable.
Interim CEO Dorvin Lively said that RadioShack had raised $175 million in new financing during the quarter and used those proceeds and some available cash to repay some debt.
For the three months ended Sept. 30, RadioShack Corp. lost $47.1 million, or 47 cents per share. That compares with a net income of $300,000, or breakeven results, a year earlier.
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