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RadioShack Q2 loss widens, may seek bankruptcy
Fort Worth, Texas – RadioShack Corp. on Thursday posted a net loss of $137.2 million in its second quarter, more than double the $52.2 million loss reported in the year-ago period. It was the troubled retailer’s 10th straight quarterly loss. RadioShack warned in a regulatory filing it may seek bankruptcy protection, with a possible sale or third-party investment as other potential avenues to remedy its ongoing financial woes.
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Wet Seal Q2 posts wider-than-expected loss; sales miss
Foothill Ranch, Calif. – Teen retailer The Wet Seal reported a new loss of $22 million for its second quarter, up from $1 million to $22 million in the year-ago period. Lower merchandise margins, higher occupancy costs, costs related to exiting its Arden B business, and non-cash asset impairment charges all helped increase Wet Seal’s net loss.
Net sales decreased 11.6% to $121.2 million, from $137.2 million. One bright spot was e-commerce, where sales rose 25%.