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RSH-Radio Shack at 1.30 bottom-New York hedge fund Standard General L.P. on Friday disclosed a 9.8% passive stake in struggling consumer-electronics chain RadioShack Corp. (RSH), according to filing with the Securities and Exchange Commission.
Standard General didn't disclose a reason for its investment in the filing, but RadioShack's stock has wallowed near all-time lows.
The company's shares have tumbled 49% since the start of the year and closed Friday at $1.33.
Squabbles with lenders, industry headwinds and a lack of significant real estate assets have posed challenges for the company.
For instance, RadioShack has been locked in negotiations over how many of its 4,300 locations it can close. The company wanted to close as many as 1,100 stores, but its credit agreements prevent it from closing more than 200 stores this year without the approval of certain lenders.
RadioShack didn't immediately respond to requests for comment about Standard General's disclosure on Friday.
In a separate regulatory filing on Thursday, the company said it was continuing with a plan to close fewer stores and pursue other cost reduction measures. The company also said it may continue discussions with lenders on store closures.
Meanwhile, Chief Executive Joe Magnacca is fighting to end losses that reached $400 million last year and jump-start sales at a time when shoppers aren't going to RadioShack to buy smartphones and other big-ticket products the chain sells.
Write to Maria Armental at [e-mail]
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(END) Dow Jones Newswires
05-09-14 1826ET
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