RadioShack seeks aid from turnaround advisory firm MAEVA Group

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RadioShack is turning to New York-based MAEVA Group for help with its turnaround.

Danielle Abril

Staff Writer- Dallas Business Journal

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Corporate turnaround and restructuring company MAEVA Group LLC will provide advisory services to the board of directors and management team of struggling electronics retailer RadioShack.

Harry J. Wilson, founder and CEO of MAEVA, will serve as RadioShack's chief revitalization officer, reporting to RadioShack CEO Joseph Magnacca and the board.

Prior to founding the New York-based advisory firm, Wilson served a senior advisor in the U.S. Department of the Treasury and was a senior member of the Auto Task Force, which played a role in the restructuring of General Motors and Chrysler.

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Wilson led a team responsible for the business and financial work of the task force and led another team overseeing the financial and operational restructuring of General Motors.

"RadioShack remains an important retailer serving many key markets," Wilson said. "While challenging secular trends have undermined its performance in recent years, we believe that there is a great deal of opportunity ahead of it."

Earlier this month, RadioShack (NYSE: RSH) announced that it received a $120 million investment from hedge funds, which will help it with its first steps towards recapitalization. But analysts were unimpressed by the announcement, calling the new liquidity a temporary fix to a much bigger problem.

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Danielle covers technology, retail, restaurants and hospitality for the Dallas Business Journal. Subscribe to our new TechFlash email newsletter.