RadioShack CEO Magnacca steps down

After trying to get RadioShack back on its feet for nearly two years, CEO Joe Magnacca is stepping down.

Magnacca made the announcement on Wednesday in an internal memo to employees, according to theDallas Business Journal.

It came a day after Standard General was given the green light by a bankruptcy court judge to acquire RadioShack's assets.



Magnacca, a former Walgreens executive, took the reins of RadioShack in February 2013. He pursued a number of initiatives to revitalize the ailing chain and update its image, including launching a new store concept targeted at tech-savvy shoppers and a new logo and branding campaign.

But many analysts said the efforts came too late.

RadioShack, struggling under the weight of massive debt, filed for Chapter 11 in February.