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RadioShack warns of bankruptcy, bonds fall; Gymboree continues to weaken; Cliffs slides
By Stephanie N. Rotondo
Phoenix, Sept. 11 – It was a weak day for many distressed names on Thursday.
RadioShack Corp.’s debt came in as the company not only reported another round of poor quarterly results, but also warned of a bankruptcy filing.
The Fort Worth, Texas-based electronics retailer has been attempting to turn itself around and regain market share.
Joseph C. Magnacca, chief executive officer, said in the earnings statement that the company’s turnaround plan was “advancing on many fronts, we may need additional capital in order to complete our work.”
As such, the company has been in talks with stakeholders to come up with a long-term solution – a process that may include bankruptcy.
Among other retailers, Gymboree Corp. remained under pressure, just one day after the company put out its latest earnings report.
“They can’t seem to get out of their own way,” a trader said.
Also in the retail sector, Rue21 Inc.’s 9% notes due 2021 were deemed down 5 points to 75, according to a trader.
Meanwhile, Cliffs Natural Resources Inc. has been on the decline of late. A trader noted that the company is looking at shoring up its business via asset sales, putting up on the block “everything but the kitchen sink.”
NII Holdings Inc. remained actively traded as the end of the company’s 30-grace period loomed.
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