RadioShack Closes Financing Deal Totaling $75 Million

FORT WORTH, Texas and NEW YORK - July 6, 2015 // PRNewswire // - General Wireless Operations Inc., doing business as RadioShack, announced today that it has completed new financing totaling $75 million, consisting of a $50 million Asset Based Lending credit facility ("ABL") led by RBC Capital Markets ("RBC") and a $25 million first-in last-out term loan led by Great American Capital Partners ("GACP"). This financing will allow the company to continue investing in and improving the brand by enhancing its in-store experience, delivering an exciting new product mix of state-of-the-art electronics, and continue developing its game changing partnership with Sprint, building out more than a thousand "Sprint Stores at RadioShack" in locations across the country.

"We have ambitious plans for the new RadioShack, and this financing gives the new and reinvigorated RadioShack the ability to fully implement our strategic plan to provide superior products and services to over 1,200 communities," said Ron Garriques, Chief Executive Officer of RadioShack. "The new RadioShack is a place where everyone can meet their needs from a broad assortment of consumer electronics, accessories and connected tech. We will carry a wide range of new cutting-edge products and experiences from global brands as well as our exclusive brands that offer our customers tremendous value at great prices."

"We are excited to help RadioShack reach the next level of its strategic development," said John Ahn, president of GACP. "They already have the footprint, the partners and the brand recognition, and we are proud to help them with the financing they need to be successful."

Over the past three months, RadioShack has taken several steps to revitalize the brand, renovating many of its stores, updating and streamlining its inventory, and launching new marketing campaigns along with several other initiatives. The company has formed exclusive partnerships with exciting new manufacturers, allowing them to sell popular technology products not available in other stores. In addition, RadioShack's partnership with Sprint gives its customers access to industry-first mobility leasing plans and the latest mobility devices.

Otterbourg P.C. acted as counsel to RBC and Paul Hastings LLP acted as counsel to GACP.

DLA Piper acted as counsel to General Wireless.

About RadioShack

RadioShack is a leading national retailer of innovative technology products and services, as well as products related to personal and home technology and power supply needs. RadioShack offers products and services from top national brands, exclusive private brands, and mobile services through its wireless partner Sprint, all within a comfortable and convenient shopping environment. The new RadioShack has over 1,700 company-owned stores and over 600 dealer franchise locations as well as 1,400 Sprint Stores at RadioShack located nationwide.

SOURCE RadioShack

Media Contact:

Media Relations
+1-212-445-8403

 

###

Comments:

comments powered by Disqus

Franchise News Room »


News By Industry »


Featured Opportunities

Blink Fitness
At Blink Fitness, exercise isn't just about looking good, it's also about how it makes you feel.
BirthdayPak
BirthdayPak is an award-winning marketing platform that brings local upscale businesses together with their best customers.
Wayback Burgers
Wayback Burgers is strategically poised to grow dynamically. This could be your opportunity to partner with a leader in a rapidly growing food market...
Massage Envy
Massage Envy clinics are designed to provide a compelling image, an inviting and functional environment and the highest degree of operational...
NOVUS Glass
Are you ready to join the best glass repair and replacement franchise in the world? NOVUS Franchising is the perfect opportunity for people looking...
Share This Page

Subscribe to Franchising.com Express

A Franchise Update Media Production
Franchise Update Media
P.O. Box 20547
San Jose, CA 95160
PH. (408) 402-5681
In Loving Memory Of Timothy Gardner (1987-2014)

Copyright © 2001 - 2018.
All Rights Reserved.