RadioShack Corp. (NYSE: RSH) is working to raise funds before the end of the year to gain the confidence of suppliers in its turnaround effort. The retailer lost $139.4 million last year, but has implemented in-store changes, including reducing the number of slow-selling items like laptops.
The funding initiative, spurred by RadioShack's turnaround advisor AlixPartners LLP and RadioShack CEO Joe Magnacca, is an effort to boost confidence among its vendors. The company's performance is dependent upon telecommunications companies such as Sprint Corp. (NYSE: S) and AT&T Inc. (NYSE: T) as well as electronics providers like Samsung Electronics Co. and Garmin Ltd. (Nasdaq: GMRN).
Plus, Magnacca is counting on vendors to supply exclusive products to help the massive electronics retailer distinguish its offerings from competitors. For example, RadioShack increased sales of Bluetooth portable speakers with help from vendors such as Sonic Emotion, an Oberglatt, Switzerland-based developer.
RadioShack is also improving in-store displays to boost sales of major brands, including Apple (Nasdaq: AAPL).
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