RadioShack CEO Joe Magnacca steps down

New York -- Joe Magnacca has stepped down as CEO of RadioShack. Magnacca made the announcement on Wednesday in an internal memo to employees, according to the Dallas 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 undertook 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 and RadioShack, struggling under the weight of massive debt, filed Chapter 11 in February 2015.