Report: RadioShack plans to raise funds to appease suppliers
Fort Worth, Texas – RadioShack Corporation is reportedly planning to raise funds before the end of this year to gain the confidence of suppliers in its turnaround effort. According to Bloomberg, RadioShack currently has enough liquidity to operate through 2014 but intends to raise additional cash through financing.
Bloomberg quotes a Morningstar credit analyst as estimating RadioShack could borrow up to $100 million without affecting its credit rating. RadioShack hired turnaround specialist AlixPartners LLP and investment bank Peter J. Solomon to advise it on refinancing options in July. RadioShack declined to comment.
Report: Neiman-Marcus, Hudson’s Bay Company seek loans
Dallas – Neiman-Marcus Group Inc. and Hudson’s Bay Company (HBC) are reportedly seeking loans to support merger and acquisition activity.
According to Bloomberg, Neiman-Marcus is trying to secure $3.75 billion in loans to support its planned buyout by Ares Management LLC and the Canada Pension Plan Investment Board. That figure reportedly includes a $2.95 billion term loan and an $800 million asset-backed loan.
Meanwhile, HBC is reportedly now seeking $2.3 billion in loans to support its purchase of Saks Inc., up from the $1.9 billion it previously sought.
Penney names exec to lead home goods
Plano, Texas – J.C. Penney Company, Inc. has reportedly named Jan Hodges, a senior marketing executive who has been with the retailer for 25 years, to the position of senior VP and general manager of home goods. According to Reuters, Penney CEO Myron Ullman sent out an employee memo on Oct. 3 informing workers that Hodges would assume the new position on Nov. 1.
Hodges will replace Paul Rutenis, who left the company after running Penney’s home goods operation for 14 months. She joined Penney in 1988 and has previously held roles including head of women’s accessories and intimates.