RadioShack Corp. (RSH) drops nearly 8% in Friday trading, after saying in a filing out late Thursday it is continuing with a plan to close fewer stores and is seeking other cost reduction measures. The stock did gain in Thursday’s after-hours session.
RSH previously announced that it was seeking consent from its lenders under the 2018 Credit Agreement and 2018 Term Loan to pursue a program to close up to 1,100 stores. But the terms by which the lenders are currently willing to provide this consent are not acceptable to the company, it said.
“While the company may continue to have discussions with its lenders regarding the proposed store closure program, the company is continuing with a plan to close fewer stores and pursuing other cost reduction measures permitted under the existing terms of the 2018 Credit Agreement and 2018 Term Loan,” it said.
RSH traded as low as $1.32 Friday, nearing a test of its $1.28 52-week low.
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