FORT WORTH, Texas (AP) — RadioShack's net loss widened in the third quarter as the struggling electronics retailer works on a turnaround plan.
Results missed expectations and shares fell more than 20 percent in midday trading on Tuesday. The company also said it received $835 million in financing lead by GE Capital.
RadioShack has been cutting costs, shuffling management and updating stores and product selection to battle back against tough competition from online retailers and discount stores that have expanded their electronics offerings. But the turnaround plan has not yet been able to stymie slumping sales.
"As we have said, we expect our work to take several quarters and during that time our results will vary quarter to quarter as we make strategic changes to improve our long-term financial performance," said CEO Joseph Magnacca.
Its loss widened to $112.4 million, or $1.11 per share, for the three months ended Sept. 30. That compares with a loss of $47.1 million, or 47 cents per share, in the prior-year quarter. Analysts expected a smaller loss of 37 cents per share, according to FactSet.
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