A story that first appeared in the New York Post and was picked up by istockanalyst.com, said that RadioShack “is being very actively eyed by equity shops and Best Buy.” Both sources pointed to a decision by RadioShack management not to use an available $290 million fund for share re-purchase as a sign of an impending sale. JP Morgan Chase has been retained to lead the sales process.
So far Best Buy officials have avoided comment, but industry insiders said said that big box electronics retailer had been looking for a new, smaller retail format that’s focused on smartphones and other wireless devices. The RadioShack opportunity might provide “the real estate to roll it out quickly.”
In related news, upscale retailer Neiman Marcus is testing a new discount concept, istockanalyst.com reported. The company has opened its first 11,000-square-foot store in a Dallas suburb. The new concept that for now continue to operate under the “Last Call” name, is described as a cross between a boutique and an outlet. Merchandise will be discounted at 30 to 40 percent, specifically for Neiman Marcus. Prices will top out at $300.