RadioShack (NYSE:RSH) announced Sept. 15 that CFO John Feray has resigned from his post at the company after less than a year, citing personal reasons.
RadioShack has reported 10 consecutive quarterly net losses, portending a filing for Chapter 11 bankruptcy, a potential sale or third-party investment aimed at alleviating the company's ills. Feray will be replaced temporarily by Holly Etlin, managing director of AlixPartners and longtime RadioShack advisor, reported The Street. Etlin previously acted as the company's interim CFO from July 2013 to February 2014.
RadioShack's shares actually rose after Feray's resignation, and analysts have nudged Amazon with public suggestions to buy a few RadioShack stores. RadioShack's reported Q2 losses dwarfed last year's losses with $673.8 million in revenue this year compared to $861.4 million for the same period last year.
RadioShack's CEO Joseph Magnacca said the company's performance wasn't indicative of the "significant progress" being made in its turnaround efforts. Company reps said leadership expects improving sales trends to continue into Q3 thanks to Apple's handset launch. Story