RadioShack Corp. (NYSE: RSH) may be impossible to save. Word is out that yet a second analyst has assigned a $0 price target for the failing retailer. Wedbush has effectively warned that a RadioShack bankruptcy may be imminent.
Source: courtesy of RadioShack
If you have been a reader of 24/7 Wall St. for very long, you have seen this coming. Our only surprise as of now is that the company did not try to protect its assets while it still had hard assets to play with.
Our other belief is that the RadioShack creditors would rather see RadioShack fold so they can make more money off the company’s remaining assets than as a turnaround. That will be very hard to prove ahead of time, but that is our belief. After all, the creditors did not allow RadioShack to close the massive number of 1,100 or so stores it was seeking to close — and it seems more than safe to assume that RadioShack is not about to get a new saving product line that will prove to be profitable.
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RadioShack is set to report earnings on Thursday, September 11, 2014. How good can the numbers be?
Shares of RadioShack were down by 17% at $1.01 with 30 minutes until the close of trading. Amazingly, this drop was on less than 5 million shares at the time.
24/7 Wall St. has warned readers over and over that RadioShack would vanish. You are hearing ever more of those calls now.
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