RadioShack considering hiring financial adviser
New York — A Thursday report by Reuters said that RadioShack is considering bringing in a financial advisor to guide the struggling chain toward managing its looming debts and spiraling sales.
According to the report, which cited unidentified sources, RadioShack will hear pitches from financial advisers in the coming weeks, looking for the right fit to deal with $216.4 million in convertible notes coming due August 1, as well as falling sales capped off by a 7.6% drop in the first quarter of 2013.
Last year, RadioShack brought in turnaround firm AlixPartners to provide advice with inventory and distribution.
Best Buy to boost five-year bond issue to $500 million
New York — Bloomberg reported that Best Buy Co. has increased the size of its first bond offering since 2011 from $350 million to $500 million as it prepares to repay an equal amount of notes due July 15.
According to the report, who cited an unidentified source, the five-year securities may yield 5%; proceeds may be used to refinance debt, fund working capital or repurchase stock.
PriceSmart Q3 net income misses expectations
San Diego — Warehouse club operator PriceSmart reported Thursday that profit for the quarter ended May 31 rose 18% to $18.5 million, compared with $15.7 million in the year-ago period but missing Wall Street estimates.
Revenue rose 13% to $571.7 million, beating analysts’ expected $568.6 million in sales. Same-store sales rose 9.7%.