Correction: Fitch-RadioShack

Published on NewsOK Modified: May 16, 2014 at 11:11 am •  Published: May 16, 2014
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RadioShack, based in Fort Worth, Texas, declined to comment Thursday. But it said in a regulatory filing in March that if it was unable to get lender approval for the larger store closure plan that it would have enough liquidity to meet its obligations through 2014.

The company had total liquidity of $555 million at the end of 2013, compared with $927 million in the previous year, according to the rating agency.

Fitch dropped RadioShack's long-term issuer default rating two notches Thursday to "CC" from "CCC," near the bottom of junk territory. The ratings agency said that it is increasingly likely that RadioShack will need to restructure its debt within the next 12 months.

Shares of RadioShack Corp. fell a penny to $1.33 in afternoon trading. They have fallen almost 50 percent so far this year.