RadioShack Appoints Interim CFO

RadioShack Corp. said Monday it appointed Holly F. Etlin as interim chief financial officer, replacing John Feray, who resigned effective Friday.

RadioShack said that Mr. Feray, who had only started at the company in February after leaving Dollar General Corp., had resigned for personal reasons. The cash-strapped electronics retailer called Ms. Etlin a "longtime RadioShack adviser" through her duties as managing director of consulting firm AlixPartners. She also served as RadioShack's interim CFO from July 2013 to February 2014, the company said.

Mr. Feray's departure is the latest in a series of executive changes as the retailer faces a possible bankruptcy filing. Last week, the company said it could soon run out of cash and be forced to liquidate or seek bankruptcy protection if it can't find a way to improve its finances. RadioShack said its cash stockpile had dwindled to $30.5 million by Aug. 2, representing about $6,800 for each of its 4,485 stores. The company also had access to $152 million under its credit line from GE Capital. The company, which had about 27,500 employees at the end of last year, said it is weighing a number of options including a possible sale, recapitalization or an in or out of court restructuring.

On Friday, The Wall Street Journal reported that RadioShack is considering a $585 million financing package led by hedge fund Standard General LP and investment bank UBS AG, in an effort to keep the struggling retailer out of bankruptcy, according to people familiar with the matter. Under the plan, UBS will coordinate $325 million of commitments and Standard General will arrange $260 million to replace GE Capital's $585 million loan and credit facility.

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