RadioShack said Wednesday its board approved retention bonuses of up to $1.49 million combined for top executives, aiming to keep its leadership in place during the company's turnaround. Executives are entitled to a bonus if they remain employed by RadioShack through March 1, 2015. Chief Executive Joseph Magnacca is in line to receive $500,000. The remaining funds would go to Chief Financial Officer John W. Feray, Human Resources Chief Telvin P. Jeffries, Executive Vice President of Store Operations Troy H. Risch and Senior Vice President of Store Concepts Michael S. DeFazio.
Following a disappointing holiday season, expectations were low ahead of RadioShack's fourth-quarter report. But the results were a shock, raising concerns about its chances for survival in today's marketplace. RadioShack's Chief Executive Joseph Magnacca, along with the company's new CFO John Feray, sought to reassure investors. Feray, who joined in January, said on a call that RadioShack, which plans to shut up to 1,100 stores, isn't considering "prepackaged bankruptcy" to get out of store leases quickly. He added RadioShack has "sufficient liquidity to meet its obligations" this year.
RadioShack plans to close up to 1,100 of its underperforming stores in the U.S. and reported a wider loss for its fourth quarter as customer traffic slowed during the critical holiday season. CEO Joseph Magnacca said in statement that the planned store closings would leave RadioShack with more than 4,000 U.S. stores, including more than 900 dealer franchise locations. The company didn't immediately identify what stores are being closed. The electronics retailer said that the stores to be closed are being selected based on location, area demographics, lease duration and financial performance.
Deerfield, Ill. — Walgreens on Friday promoted Joseph Magnacca to EVP from SVP, effective immediately. Magnacca also retains his title as president of daily living products and solutions. “Joe plays a critical role in our strategy to step out of the...